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Financial News: Malaysia's Economy Contracts At Slower Pace

Malaysia's Economy Contracts At Slower Pace

11/13/2020 - 00:19:00 (RTTNews)

(RTTNews) - Malaysia's economy contracted at a slower pace in the third quarter after the reopening of the economy and better foreign demand, official data revealed Friday.

Gross domestic product fell 2.7 percent on a yearly basis in the third quarter, following a sharp 17.1 percent decline seen in the second quarter. GDP was forecast to fall 3.2 percent.

Quarter-on-quarter, the economy registered a sharp growth of 18.2 percent, in contrast to a 16.5 percent fall seen in the second quarter.

In the third quarter, headline inflation registered a smaller negative at -1.4 percent, due mainly to the higher domestic retail fuel prices, in line with the recovery in global oil prices. Core inflation moderated slightly to 1.0 percent.

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