Malaysia’s Gross Domestic Product (GDP) expanded further 8.9 per cent as compared to 5.0 per cent in the previous quarter. Overall, the economy posted a growth of 6.9 per cent (1H 2021: 7.0%) for the first half year of 2022.
GDP by Production Approach
The Services sector remained the main impetus which accelerated to 12.0 per cent (Q1 2022: 6.5%) in this quarter, driven by the Wholesale & retail trade (17.3%), Transportation & storage (35.8%) and Food & beverage & accommodation (35.3%). Furthermore, the Manufacturing sector further expanded to 9.2 per cent (Q1 2022: 6.6%) in this quarter, supported by strong growth in the Electrical, electronic & optical products (15.5%), Transport equipment, other manufacturing & repair (19.9%) and Non-metallic mineral products, base metals & fabricated metal products (10.3%) sub-sectors. Meanwhile, the Construction sector rebounded to 2.4 per cent (Q1 2022: -6.2%) supported by the expansion in the Non-residential buildings (10.1%), Specialised construction activities (7.0%) and Residential Buildings (2.7%) sub-sectors. On the other hand, the Mining and quarrying sector decreased marginally 0.5 per cent (Q1 2022: -1.1%) in the second quarter of 2022 influenced by Natural gas (0.4%) and Other mining & quarrying & supporting services (5.3%). Correspondingly, the Agriculture sector decreased 2.4 per cent (Q1 2022: 0.1%) which was influenced by almost all sub-sectors except for Fishing sub-sector.
GDP by Expenditure Approach
Private final consumption expenditure increased 18.3 per cent (Q2 2022: 5.5%) backed by the higher consumption in the Transport, Food & non-alcoholic beverages and Restaurants & hotels. In addition, Gross fixed capital formation (GFCF) expanded 5.8 per cent (Q1 2022: 0.2%) and was led by positive growth in all types of asset. Private sector as the main contributor of GFCF has expanded to 6.3 per cent and the Public sector registered a growth of 3.2 per cent (Q1 2022: -0.9%). Meanwhile, Government final consumption expenditure moderated to 2.6 per cent (Q1 2022: 6.7%) influenced by moderation in supplies and services. Both Exports and Imports accelerated to 10.4 per cent (Q1 2022: 8.0%) and 14.0 per cent (Q1 2022: 11.1%) respectively. Nevertheless, Net exports declined by 28.7 per cent (Q1 2022: -26.5%) in this quarter.
The full publication of Gross Domestic Product, Second Quarter 2022 can be downloaded through eStatistik portal.
DEPARTMENT OF STATISTICS MALAYSIA
12 August 2022
Mohd Yusrizal Ab Razak
Public Relation Officer
Strategic Communication and International Division
Department of Statistics, Malaysia
Tel : +603-8885 7942
Fax : +603-8888 9248
Email : yusrizal.razak[at]dosm.gov.my