KUALA LUMPUR: Malaysia’s economy expanded by 2.9 per cent in the second quarter of 2023 (2Q 2023), supported by improving labour market and the continued increase in domestic demand and tourism activities, according to the Department of Statistics Malaysia.
Chief statistician Datuk Seri Mohd Uzir Mahidin said Malaysia’s economic growth moderated during the quarter, partly due to weaker external demand amidst the global technology cycle, lower commodity production and high base effect from 2Q 2022, which recorded gross domestic product (GDP) growth of 8.9 per cent.
Malaysia posted a GDP growth of 5.6 per cent in 1Q 2023, bringing the average growth for the first half of the year to 4.25 per cent.
Bank Negara Malaysia (BNM) Governor, Datuk Abdul Rasheed Ghaffour said Malaysia’s economy remains on track to achieve a growth of between 4.0 per cent to 5.0 per cent this year, backed by the labour market’s continued recovery, implementation of projects and rising tourism activities.
Speaking at a press conference here today, he said headline inflation is expected to be between 2.8 per cent and 3.8 per cent in 2023, due to elevated core inflation and gradual subsidy rationalisation.
He added that the Madani Economy Framework would drive the comprehensive restructuring of the Malaysian economy. – BERNAMA
