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KUALA LUMPUR, Aug 12 (Bernama) -- Kenanga Research has maintained its 2022 distributive trade sales forecast at double-digit growth of 15 per cent following strong growth in the second quarter of 2022 (Q2 2022).
Malaysia’s distributive trade sales increased for the sixth consecutive month in June to a 14-month high of 44.0 per cent year-on-year (y-o-y) on higher motor vehicle sales due to the impending expiry of sales and service tax (SST) exemption.
As for Q2 2022, distributive trade sales grew by 25.3 per cent y-o-y (Q1 2022: 8.6 per cent y-o-y) mainly due to a sizable increase in retail sales.
In a note, Kenanga Research said the improvement in the Malaysian labour market and continued recovery in the domestic tourism industry may continue to buoy the retail sector and propel double-digit sales growth in the next few months.
“However, the rising cost of living and the expiry of SST incentives on June 30 may impede consumer spending in the second half of 2022.
“Private consumption growth is expected to expand by at least 6.7 per cent in Q2 2022 (Q1 2022: 5.5 per cent),” it said.
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