Malaysia’s GDP Grew 16.1% Year-on-year

Bank Negara Malaysia (BNM) said that Malaysia’s GDP grew 16.1% year-on-year (1Q 2021: -0.5%) in the second quarter, although it contracted 2% on a quarter-on-quarter (q-o-q) basis.

BNM governor Datuk Nor Shamsiah Yunus said the revision in the annual growth forecast was made after taking into account the reimposition of nationwide containment measures.

On the impact of the various movement control orders imposed in the country, she says, “The FMCO is expected to have a cumulative impact of five percentage points to the 2021 growth, or an average of RM400 million to RM500 million in daily real output losses.

“With 7.1% growth recorded in the first half of the year, and given the Covid-19-related developments since June onwards, we are looking at a more moderate growth in the second half of the year, especially in the third quarter,” she said.

The governor said the growth in the second quarter was supported mainly by the improvement in domestic demand and continued robust exports performance, as well as the low-base effect amid the significant decline in activity during the second quarter of 2020.

“All economic sectors registered an improvement, particularly the manufacturing sector. On the expenditure side, growth was driven by higher private sector spending and strong trade activity,” said Nor Shamsiah.

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