Kuala Lumpur, Malaysia (CU)_ According to the Department of Statistics Malaysia (DoSM), Malaysia is hopeful that the economic recovery would continue to be strong in the third quarter of 2022 (Q3 2022), despite external uncertainties and downward pressure, following the positive performance of the first quarter of 2022 (Q1 2022).
According to Datuk Seri Mohd Uzir Mahidin, the senior statistician, several countries showed improved performance in the first quarter of 2022, highlighting that economic progress is underway despite several ongoing global disputes that are disrupting the supply chain, inflationary pressure, as well as pressure to tighten monetary policies.
Specifically, he stated that the European Union, the United Kingdom, and the United States all saw an increase in gross domestic product (GDP), and a similar pattern was also observed in Asian nations such as China, South Korea, the Philippines, and Thailand. According to his latest statement, “As for Malaysia, the GDP grew better-than-expected by five per cent in Q1 2022 after registering a 3.6 per cent growth in the previous quarter”.
Mohd Uzir referred to the latest Malaysian Economic Statistics Review (MESR) Volume 5/2022 issued by DoSM and stated that in the first quarter of 2022, a number of important economic indicators recorded an upward trend. He said, “With regard to the external sector, the current account balance remained surplus at RM3.0 billion, mainly supported by the net exports of goods account”. He added, “Investment performance also improved, with foreign direct investment recording a higher net inflow of RM24.4 billion, while direct investment abroad posted a lower net outflow of RM3.6 billion”.
Mohd Uzir stated that in the first quarter of 2022, overall trade grew by 23.6% to RM624.9 billion, continuing its strong performance. Regarding the price segment, he said, “The producer price index (PPI) for local production also posted a double-digit growth of 11.6 per cent compared to 9.7 per cent in February 2022”.
