The nation’s economic growth rose to a 22-year high of 8.7% in 2022 vis-a-vis 3.1% in the previous year, contributed by positive growth in all sectors, according to DoSM (Department of Statistics Malaysia).
Meanwhile in a separate statement, Bank Negara Malaysia (BNM) said Malaysia gross fomestic product (GDP) expanded by 7% in the fourth quarter of 2022 (4Q 2022) versus 14.2 % in 3Q 2022, as support from the stimulus measures and low base effect waned.
BNM noted that private sector activity remained the key growth driver in 4Q, lifted by private consumption and investment.
On a quarterly-adjusted basis, BNM said that the economy registered a fall of 2.6% versus 1.9% in 3Q 2022.
DoSM commented that the services sector expanded by 10.9% in 2022, followed by the manufactuing (+8.1%) and mining and quarrying (+3.4%) sectors.
“After 2 consecutive years of declines, the construction and agriculture rebounded in 2022 with growths of 5% and 0.1% respectively,” DoSM remarked.
The economy had improved and surpassed the 2019 level with an increaes of 5.9%, aided by higher growth in the services (+6.9%) and manufacturing (+15.3%) sectors, DoSM added.
Whilst, the nation’s gross national income per capita surged to RM52,819 from RM46,163 in previous year.
On the outlook for 2023, BNM said that the nation’s economy is expected to expand at a more moderate pace amid a challenging external environment with domestic demand continuing to drive growth, supported by the continued recovery in the labour market and the realisation of multi-year investment projects.
“The services and manufacturing sectors will also continue to support growth,” it said.
BNM added that the slowdown in exports following weaker glabal demand would be partially cushioned by higher tourism activity.
“Meanwhile, the balance of risks remains tilted to the downside, mainly from weaker global growth, tighter financial conditions, re-escalation of geopolitical conflicts and worsening supply chain disruptions,” it said.
