Office: On the demand side, the growth was attributed by Private final consumption expenditure and Gross fixed capital formation, which grew 4.3% and 5.5% respectively. Overall, Malaysia’s economy grew at 4.2% for the H1 2023 as compared to 6.8% in the same period of 2022. On the other hand, for the first-time, Malaysia is announcing advance estimates of GDP as part of its efforts to meet the demand for timely macroeconomic statistics and are in line with best practices in developed countries.
Retail: The Services sector grew at slower pace 4.7% (Q1 2023: 7.3%) influenced by growth in wholesale trade and retail trade activities, better performance in support activities for transportation, land transport and air transport segments as well as strong performance in professional, scientific and technical activities.
Industrial: In comparison with the preceding month, the IPI increased by 2.8%, contrasting the negative growth of 1.8% recorded in July 2023. The decrease was attributed by contraction in the Manufacturing with -0.6% (July 2023: 0.2%), Mining with 0.1% (July 2023: 4.2%). and Electricity with 1.9% (July 2023: 1.5%).
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