Malaysia's third-quarter GDP grew 14.2% year-on-year

       China News Agency, Kuala Lumpur, November 11th, according to data released by the Malaysian statistics department on the 11th, in the third quarter of this year, the country's gross domestic product (GDP) increased by 14.2% compared with the same period last year, recording the highest level of the new crown epidemic in the second quarter of 2020. The second-best single-quarter growth rate since the outbreak.

      This growth rate is also higher than the year-on-year growth rate of 8.9% in the second quarter of this year.

     According to Bank Negara Malaysia, the country's service industry, manufacturing industry, and construction industry all recorded double-digit growth in the third quarter compared with the same period last year; however, agriculture was limited by the factor of labor shortage, which increased by 1.2% compared with the same period last year.

     On a monthly basis, in July and August this year, Malaysia's GDP recorded growth of 15.8% and 15.3% respectively compared to the same period last year; in September this year, the figure was 11.6%. In addition, in the third quarter of this year, both public investment and private investment in Malaysia recorded double-digit growth compared with the same period last year.

     The Bank Negara believes that the economic data in the third quarter were bright, partly benefited from the lower base in the third quarter of last year; but strong domestic demand, the alleviation of labor shortage problems, the support of relevant government economic policies, continued growth in exports and the recovery of the tourism industry are also the first. An important reason for the substantial economic growth in the third quarter.

    Statistics also show that Malaysia's inflation rate in the third quarter of this year was 4.5%, which continued to grow from 2.8% in the previous quarter. Bank Negara believes that the current inflation rate may have peaked and it is expected that inflation will slow down in the future.