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Malaysia's gross domestic product (GDP) increased 5.9% year-on-year in the second quarter of 2024, breaking the strongest growth rate in the past five quarters.
Bank of Malaysia Governor Dato' Abdullahi pointed out at a press conference today that strong economic growth in the next quarter was due to good labor market conditions and increased policy support, household spending increased.
Furthermore, the further recovery in commodity exports and the number of tourists, combined with the strong expansion of investment activities, have also injected momentum into the Chinese economy.
In the second quarter, with the exception of the mining industry, which slowed to 2.7%, all other sectors strengthened year on year. Among them, the construction industry grew the most impressive by 17.3%.
This was followed by agriculture (+7.2%), services (+5.9%), and manufacturing (+4.7%).
Abdulacil also pointed out that various indicators show that Malaysia's economic growth prospects can continue until the second half of the year, such as a further recovery in global orders to drive export performance, issuing more projects, and improving business confidence.
Overall, Malaysia's growth this year will be driven by strong domestic spending and external demand.
Despite strong performance in the second quarter, the Bank of Malaysia is still maintaining its forecast of 4% to 5% growth for the full year of this year.
In terms of inflation, overall and core inflation in the second quarter both increased by 1.9%, slightly higher than 1.7% and 1.8% in the first quarter, respectively.
“The main reason is rising inflation in housing and utilities, and higher inflation in information and communication services.”
Abdullahi said that the outlook for inflation is still being affected...
Bank of Malaysia Governor Dato' Abdullahi pointed out at a press conference today that strong economic growth in the next quarter was due to good labor market conditions and increased policy support, household spending increased.
Furthermore, the further recovery in commodity exports and the number of tourists, combined with the strong expansion of investment activities, have also injected momentum into the Chinese economy.
In the second quarter, with the exception of the mining industry, which slowed to 2.7%, all other sectors strengthened year on year. Among them, the construction industry grew the most impressive by 17.3%.
This was followed by agriculture (+7.2%), services (+5.9%), and manufacturing (+4.7%).
Abdulacil also pointed out that various indicators show that Malaysia's economic growth prospects can continue until the second half of the year, such as a further recovery in global orders to drive export performance, issuing more projects, and improving business confidence.
Overall, Malaysia's growth this year will be driven by strong domestic spending and external demand.
Despite strong performance in the second quarter, the Bank of Malaysia is still maintaining its forecast of 4% to 5% growth for the full year of this year.
In terms of inflation, overall and core inflation in the second quarter both increased by 1.9%, slightly higher than 1.7% and 1.8% in the first quarter, respectively.
“The main reason is rising inflation in housing and utilities, and higher inflation in information and communication services.”
Abdullahi said that the outlook for inflation is still being affected...
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$FTSE Bursa Malaysia KLCI Index (.KLSE.GI)$
coming back to uptrend
coming back to uptrend
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$FTSE Bursa Malaysia KLCI Index (.KLSE.GI)$
The Dow Jones Index once again broke through the 40,000 mark last night. The Panic Index fell below 16.5 and continued to move below 15.0.
Malaysia 🇲🇾 will release GDP data tomorrow 📊, and the 5.8% increase is already a conservative estimate.
It will be announced tomorrow at noon 🕛 12:00. We'll wait and see if it can break through 6.0%.
Great 👍 My country 🇲🇾
The economy of Malaysia 🇲🇾 and the stock market 📈 are just as beautiful as the picture 🤩 and refreshing.
The Dow Jones Index once again broke through the 40,000 mark last night. The Panic Index fell below 16.5 and continued to move below 15.0.
Malaysia 🇲🇾 will release GDP data tomorrow 📊, and the 5.8% increase is already a conservative estimate.
It will be announced tomorrow at noon 🕛 12:00. We'll wait and see if it can break through 6.0%.
Great 👍 My country 🇲🇾
The economy of Malaysia 🇲🇾 and the stock market 📈 are just as beautiful as the picture 🤩 and refreshing.
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$USD/MYR (USDMYR.FX)$
The trend of the ringgit is unstoppable. Today, it surged more than 1.7%, breaking the 4.50 mark, and surged 3.6% throughout the week!
As of 5 p.m., the exchange rate of the ringgit was reported at RM4.4908 to the US dollar, up 1.72% in a single day. This is another key hurdle for the ringgit within 3 days after breaking through the 4.60 key level this Wednesday (July 31).
Looking at the week as a whole, the ringgit exchange rate surged 3.59%, making it the best performing emerging market currency this week.
China's economic growth prospects are optimistic. Coupled with the continued inflow of foreign capital, the ringgit has continued to rise for 10 days. This is the longest continuous rise record in 14 years.
Bloomberg reports that after three years of decline, the ringgit exchange rate performed better than other Asian currencies this year. In particular, the government introduced policies to promote foreign investment and cut subsidies to reduce budget deficits.
Supported by these policies, Malaysian stocks have once again attracted the interest of global funds. These funds have bought $0.112 billion (approximately RM0.508 billion) of Malaysian stocks so far this year.
At the same time, Malaysia's economic recovery is also accelerating, and the improvement in export conditions has supported economic growth. At the same time, the Bureau of Statistics previously predicted an economic growth rate of 5.8% for the next quarter, which also surpassed market forecasts.
According to a report by the Malaysian News Agency, the second finance minister, Dato' Sri Amir Hancha, believes that the forecast for China's economic growth of 4% to 5% this year is achievable, and will even reach a higher level, and the ringgit trend will advance...
The trend of the ringgit is unstoppable. Today, it surged more than 1.7%, breaking the 4.50 mark, and surged 3.6% throughout the week!
As of 5 p.m., the exchange rate of the ringgit was reported at RM4.4908 to the US dollar, up 1.72% in a single day. This is another key hurdle for the ringgit within 3 days after breaking through the 4.60 key level this Wednesday (July 31).
Looking at the week as a whole, the ringgit exchange rate surged 3.59%, making it the best performing emerging market currency this week.
China's economic growth prospects are optimistic. Coupled with the continued inflow of foreign capital, the ringgit has continued to rise for 10 days. This is the longest continuous rise record in 14 years.
Bloomberg reports that after three years of decline, the ringgit exchange rate performed better than other Asian currencies this year. In particular, the government introduced policies to promote foreign investment and cut subsidies to reduce budget deficits.
Supported by these policies, Malaysian stocks have once again attracted the interest of global funds. These funds have bought $0.112 billion (approximately RM0.508 billion) of Malaysian stocks so far this year.
At the same time, Malaysia's economic recovery is also accelerating, and the improvement in export conditions has supported economic growth. At the same time, the Bureau of Statistics previously predicted an economic growth rate of 5.8% for the next quarter, which also surpassed market forecasts.
According to a report by the Malaysian News Agency, the second finance minister, Dato' Sri Amir Hancha, believes that the forecast for China's economic growth of 4% to 5% this year is achievable, and will even reach a higher level, and the ringgit trend will advance...
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$IFCAMSC (0023.BMS)$ When will it be discounted again?
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