COVID–19 NEWS   Owners of premises in buildings allowed to determine protocol on wearing of face mask at their venue - Johor Exco | Italy greenlights Omicron-adapted COVID-19 booster shots | New COVID-19 cases down 16.9 pct last week | Japan to simplify COVID-19 airport quarantine procedures | EMA endorses Omicron-adapted COVID-19 vaccines | 

AmBank Research expects Malaysia to grow by 8.4 pct in the second quarter

10/08/2022 11:45 AM

KUALA LUMPUR, Aug 10 (Bernama) -- Malaysia’s second quarter gross domestic product is expected to expand by 8.4 per cent year-on-year (y-o-y), way stronger than the consensus forecast (at 6.9 per cent), driven mainly by the robust external trade performance which improved by 30 per cent y-o-y, AmBank Research said.

The second quarter (Q2 2022) gross domestic product (GDP) growth is also higher than the five per cent recorded in the first quarter this year.

The solid exports of electrical and electronics products that surged strongly by 38 per cent y-o-y (Q1 2022: 27 per cent) and commodity-based products such as petroleum products that leapt 72.9 per cent y-o-y (Q1: 51.5 per cent) and palm-oil based exports, which jumped 49.4 per cent y-o-y (Q1: 67 per cent).

“We are also expecting strong private consumption in Q2 2022 from the pent-up demand, EPF withdrawals, improving job market, higher wages and improving confidence.

“Data has already reflected strong retail sales as the April-May average hit 17.6 per cent year-on-year, compared to January-March’s average of 8.6 per cent year-on-year,”  it said in a note today.

The Q2 GDP data is scheduled to be announced by Bank Negara this Friday.

The research arm of AmBank Group noted that despite the wider GDP expansion during the second quarter, it remain on the lookout for certain factors going forward including the rising cost of living that is expected to weigh on consumer spending.

The other factors are the external headwinds of slower global growth and trade, supply chain disruptions and high freight as well as commodity prices.

“The labour shortages are resulting in huge opportunity revenue loss plus shortage of talents and the geopolitical tension in Ukraine and now between China and Taiwan will also be the factors impacting our economy moving forward.

“On the whole, we maintain our view of a 5.6 per cent GDP growth in 2022 with an upside of 6.0 per cent and downside of 4.8 per cent,” it said.


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter :, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy