The economic indicators for the first quarter of 2022 stipulate malaysia’s positive economic outlook in a near future with high mobility foreseen following the opening of international borders, the department of statistics Malaysia (DOSM) said.
“In addition the recent Employees Provident Fund (EPF) special withdrawal is expected to increase the demand for goods and services that will stimulate the economy,” Datuk Seri Dr Mohd Uzir Mahidin, the Chief Statistician said.
“Nonetheless, the ongoings in the global scenario is expected to increase commodities prices which lead to inflation expectation,” he was quoted as saying in a statement today.
“The country’s total trade sustain is robust performance, posting a growth of 17.5% in February 2022, enriching 184.8 Billy and from 157 point 3 billion in February 2021.”
Both exports and imports saw 16.8% and 18.4% year on year to record MYR 102.3 billion and MYR82.5 billion, respectively, leading the trade surplus to widen by 10.7%.
Meanwhile, Malaysia’s total trade maintained its double digit momentum in March 2022, expanding 27.3%.
Exports rose 25.4%, imports increase by 29.9% and trade balance remained in a surplus, at 10.3%.
On sectoral performance, he noted that following the increase in the manufacturing index (5.2%) and electricity index (3.9%), the industrial production index (IPI) increased 3.9% in February 2022 compared to February 2021.
Meanwhile, Malaysia’s manufacturing sales value in February 2022 stood at MYR131.6 billion, growing 11.2% compared to the previous years.
On the country’s labor scenario, the continuous economic and social activities that led to the recovery of businesses and revival of the domestic tourism sector have greatly benefited Malaysia’s labor situation.
“The number of employed persons in February 2022 rose 3% to 15.73 million persons. Thus, the employment to population ratio increased by 1.1 percentage points to 66.3% in February 2022, higher than in February of the previous years at 65.2%.”
“Meanwhile the unemployment rate improved compared to the previous month to record 4.1%.”
