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Financial News: Malaysian Economy Shrinks In Q3

Malaysian Economy Shrinks In Q3

11/12/2021 - 00:33:00 (RTTNews)

(RTTNews) - The Malaysian economy shrank more than expected in the third quarter, data published by Bank Negara Malaysia revealed on Friday.

Gross domestic product contracted 4.5 percent on a yearly basis in the third quarter, in contrast to the 16.1 percent expansion logged in the second quarter. Economists had forecast a moderate fall of 1.3 percent.

The central bank governor Datuk Nor Shamsiah said, "Progressive lifting of containment measures and continued improvements in the labour market will be key to support the recovery going forward".

On a quarter-on-quarter basis, the economy registered a decline of 3.6 percent, reversing a 1.9 percent fall in the second quarter.

Headline inflation moderated to 2.2 percent in the third quarter from 4.1 percent a quarter ago. This was due mainly to the dissipation of the base effect from fuel prices, and the implementation of the three-month electricity bill discounts.

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