Economy up 8.9% in Q2 2022

Malaysia’s economy posted a sterling growth of 8.9% in the second quarter (Q2) of 2022 as domestic demand continued to strengthen, underpinned by the steady recovery in labour market conditions and ongoing policy support.

In a statement today, Bank Negara Malaysia said the higher growth was also reflective of normalising economic activity as the country moved towards endemicity and reopened international borders. 

"Exports remain supported by strong demand for electrical and electronics products. By sector, the services and manufacturing sectors continued to drive growth," it said.

While GDP was lifted to some extent by the low base from the movement control order in June 2021, the central bank said growth in April and May 2022 was particularly robust.

On a quarter-on-quarter seasonally adjusted basis, it said the economy increased by 3.5% as compared to 3.8% in Q1 2022.