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Malaysia’s economy grows faster than expected in Q3

ANN/THE STRAITS TIMES – Malaysia’s economy grew faster than expected in the third quarter, with the central bank expecting buoyant domestic demand to continue, offsetting a slowdown in exports.

Gross domestic product (GDP) expanded 3.3 per cent from a year earlier in the July-September period, data from Bank Negara Malaysia (BNM) and the Statistics Department showed on November 17, beating analysts’ estimates for a three per cent expansion and recovering from a near two-year low of 2.9 per cent in the second quarter.

The reading was in line with advance estimates released on October 20.

Malaysia’s economic growth is expected to meet the government’s target of four per cent in 2023, driven by strong domestic spending, improving labour market conditions and rising tourism, BNM governor Abdul Rasheed Ghaffour told reporters.

“Malaysia’s economic fundamentals remain strong and supportive of growth moving forward,” he said, adding that GDP had exceeded pre-pandemic levels.

Malaysia’s central bank expects buoyant domestic demand to continue offsetting a slowdown in exports. PHOTO: THE STRAITS TIMES