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Key Highlights:
- 3Q22 saw 14.2% y-o-y growth in GDP driven by robust domestic spending and export demand and higher capital expenditure. Malaysian economy expanded by 9.3% in 1st three quarters of 2022.
- Private final consumption up 15.1% supported by Transport, Restaurants & hotels, and Recreation services & culture.
- Services sector grew stronger at 16.7% driven by Wholesale & retail trade sub-sector (+24.4%) and better performance across all other subsectors.
- Manufacturing sector expanded by 13.2% propelled by Electrical and Electronics (E&E) cluster with double-digit growth of 17.3%.
- Construction sector recorded double-digit growth of 15.3% due to resumption of activities and improvement in labor market.
- Commodities-related sectors rebounded positively with Mining and Agriculture growth of 9.2% and 1.2%, respectively.
- Unemployment rate improved to 3.7% and headline inflation rose to 4.5% driven by continued improvement in demand.
- Business Conditions Index (BCI) and Consumer Sentiment Index (CSI) improved but remained below the optimism level of 100.
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