Q3 2022 Real Estate Times Malaysia

Cautious recovery despite headwinds

Key Highlights:

  • The national economy continued its positive momentum to record 8.9 per cent growth in Gross Domestic Product (GDP) for the second quarter of 2022.
  • Private final consumption rose 18.3 per cent, supported by transport (91.0 per cent growth) and recreation services and culture (+75.1 per cent).
  • On the supply front, the services sector grew at a faster pace of 12.0 per cent as consumer-related subsectors such as retail and leisure-related activities continued to recover amid the transition to endemicity and improving labour market condition.
  • The manufacturing sectors continued to strengthen with an expansion of 9.2 per cent, driven by both the export and domestic-oriented industries.
  • The construction sector turned positive with a growth of 2.4 per cent following three consecutive quarters of contractions.
  • The mining & quarrying sector contracted by 0.5 per cent, whilst the agriculture sector contracted by 2.4 per cent as production in livestock and other agriculture subsectors were affected by rising input costs, particularly for animal feed and fertiliser.
  • The Malaysian labour market showed further improvement during the second quarter.
  • The headline inflation during the second quarter rose to 2.8 per cent, attributed to the small contribution from the dissipating base effect from lower domestic retail fuel prices last year..

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