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Positive several key economic indicators’ trajectory reflects Malaysia’s economic performance still intact – DoSM

Positive several key economic indicators’ trajectory reflects Malaysia’s economic performance still intact – DoSM

28 Jul 2022

Malaysia’s overall economic performance is still intact reflected by the positive trajectory registered by several key economic indicators in May 2022 compared with the previous year, the Department of Statistic Malaysia (DoSM) said.

Chief statistician Datuk Seri Mohd Uzir Mahidin said the transition to the endemic phase and the government’s fruitful action in the economic recovery has influenced the trade performance with total trade in May 2022 rose by 33.6 per cent to RM228.4 billion from RM170.9 billion in May 2021.

“Exports increased by 30.5 per cent to RM120.5 billion while imports grew by 37.3 per cent to RM107.9 billion,” he said in a statement following the released of its Malaysian Economic Statistics Review (MESR) Vol 7/2022 publication today.

Besides that, he said the total trade performance continued its growth momentum in June 2022 with a value of RM270.4 billion and subsequently recorded a growth of 43.4 per cent from RM188.5 billion in the same period of the preceding year.

He said the Industrial Production Index (IPI) rose moderately at 4.1 per cent in May 2022 as compared with the same month last year backed by the increment in manufacturing index (6.9 per cent) and electricity index (2.8 per cent).

Mohd Uzir said the full-blast of Hari Raya Aidilfitri celebration this year after experiencing two years of a stringent social and economic containment measures had resulted in wholesale and retail trade sales soaring by 19.9 per cent year-on-year to RM129.8 billion in May 2022.

“The growth was driven by Retail Trade sub-sector which increased by RM13 billion or 29.9 per cent to RM56.3 billion followed by wholesale trade and motor vehicles which surged by 11.7 per cent to RM59.6 billion and 20.1 per cent to RM13.9 billion, respectively,” he said.

On price indices, he said more costly food prices accelerated Malaysia’s inflation in May 2022 which increased 2.8 per cent to 126.6 against 123.1 in the same month of the preceding year.

He said the incline in headline inflation was mainly due to the rise in food and non-alcoholic beverages group (5.2 per cent) as compared with the same month of the preceding year which posted the highest increase since November 2011.

“In June 2022, Malaysia’s inflation increased 3.4 per cent compared to the previous year.

“Additional to this, Producer Price Index (PPI) remained double-digit at a rate of 11.2 per cent year-on-year in May 2022 compared to 11 per cent in April 2022 while the PPI eased slightly to to 10.9 per cent for June 2022 as compared to 11.2 per cent recorded in May 2022,” he said.

Additionally, he said the Leading Index (LI) in May 2022 grew by 2.2 per cent to 111.2 points after recording a negative 0.5 per cent in April 2022, showing an improved and favourable performance in Malaysia’s economy.

“Taking this into account, Malaysia is optimistic that the economic recovery will continue to be resilient into the next seven months of 2022 with the effective management of inflation by the government in providing a conducive environment for the sustainable growth of the Malaysian economy,” he added.

Source: Bernama