Despite a slowdown, Malaysia’s economy experienced a robust expansion in the fourth quarter 2022. This was due to private consumption and investments. Overall growth for the year reached its highest level in 22 years.
The fourth quarter saw a 7.0 percent increase in gross domestic product (or GDP), but this pace was more than half that of the 14.2 percent recorded in the previous quarter, according to data from Bank Negara Malaysia.
The economy contracted 2.6 percent quarter-on quarter, against a 1.9 percent increase in the third.
However, economic growth was higher than the pre-pandemic level of 7.2 percent.
The economy grew 8.7 per cent in 2022, well above the 3.1% posted in 2021. This was the highest growth in 22-years.
The fourth quarter saw a 58.2 percentage increase in private consumption, owing to the improving labor market.
Private consumption increased 7.4 percent per year, but it was slower than 15.1 percent growth a quarter back. Additionally, gross fixed capital formation increased 8.8 per cent.
Due to slower growth in goods, imports and exports, they grew at moderate rates of 9.6 percent each and 8.1% respectively. Meanwhile,…