Malaysia's GDP in the second quarter
Malaysia's Q2 GDP was released, and the published data fell short of market expectations (3.3%).
The GDP growth rate in Q2 was 2.9% per year, the lowest level in the past two years.
As China's economy depends on exports, the slowdown in global economic growth led to a decline in export commodities and values, which dragged down Q2 GDP performance. What supports China's economic growth this time mainly comes from local domestic demand, such as services and construction.
According to the National Bureau of Statistics and Statistics, Malaysia's GDP by sector share is as follows:
Service sector 59.3% (4.7% annual growth rate)
Manufacturing industry 23.6% (annual growth rate 0.1%)
Agriculture 6.2% (annual growth rate -1.1%)
Mining 6.1% (annual growth rate -2.3%)
Construction industry 3.6% (annual growth rate 6.2%)
Previously, China's GDP target growth rate was 4-5%. After this Q2 data was released, Bank Negara said that the annual GDP growth should reach a figure close to the lower limit between 4-5% (this should mean 4-4.2%). In other words, Bank Negara's attitude is quite cautious.
In the next few months, although Malaysia's economic situation will not face a recession, the weakness of the global economy, combined with China's recovery falling short of expectations, and commodity prices not as strong as 2022 (palm oil and crude oil) may drag down China's GDP performance in the next two quarters. Go Malaysia! 🇲🇾
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