Malaysia’s economic indicators for Jan-March 2022 indicate positive outlook: DoSM

Malaysia’s economic indicators for Jan-March 2022 indicate positive outlook: DoSM

27 Apr 2022

The economic indicators for the first three months of 2022 stipulate Malaysia’s positive economic outlook in the near future with high mobility foreseen following the opening of international borders, the Department of Statistics Malaysia (DOSM) said.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said in addition, the recent Employees Provident Fund (EPF) special withdrawal is expected to increase the demand for goods and services that will stimulate the economy.

“Nonetheless, the on-goings in the global scenario is expected to increase commodities prices which lead to inflation expectation,” he said in a statement today.

“The country’s total trade sustained its robust performance, posting a growth of 17.5 per cent in February 2022, and reaching RM184.8 billion from RM157.3 billion in February 2021,” he said.

Both exports and imports soared 16.8 per cent and 18.4 per cent year-on-year to record RM102.3 billion and RM82.5 billion, respectively, leading the trade surplus to widen by 10.7 per cent.

Meanwhile, Malaysia’s total trade maintained its double-digit momentum in March 2022, expanding 27.3 per cent.

Exports rose 25.4 per cent, imports increased by 29.9 per cent and trade balance remained in surplus, up 10.3 per cent.

On sectoral performance, Mohd Uzir noted that following the increase in the Manufacturing Index (5.2 per cent) and Electricity Index (3.9 per cent), the Industrial Production Index (IPI) increased 3.9 per cent in February 2022 compared to the same month of the previous year.

Meanwhile, Malaysia’s Manufacturing sales value in February 2022 stood at RM131.6 billion, growing 11.2 per cent compared to the previous year.

Reflecting on the country’s labour scenario, he said the continuous economic and social activities that led to the recovery of businesses and revival of the domestic tourism sector have greatly benefitted Malaysia’s labour situation.

“The number of employed persons in February 2022 rose 3.0 per cent to 15.73 million persons. Thus, the employment-to-population ratio increased by 1.1 percentage points to 66.3 per cent in February 2022, higher than in February of the previous year at 65.2 per cent.

“Meanwhile, the unemployment rate improved compared to the previous month to record 4.1 per cent,“ Mohd Uzir said. 

Source: Bernama