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Malaysian economy set to improve in third quarter
KUALA LUMPUR: Malaysia’s economic activity outcome for the third quarter (Q3) is expected to improve, given the government’s various stimulus packages to support overall economic growth, said the Department of Statistics Malaysia (DOSM).
Chief statistician Datuk Seri Mohd Uzir Mahidin said the economic recovery has begun with the reactivation of economic activities and was reflected by macroeconomic indicators in July, marking the preliminary indication for Q3.
“This is in line with the Leading Index, which suggests an economic recovery in the near term and projects a brighter economic prospect for next year, ” he said in a statement.
Uzir said this scenario was attributed to the increase in the total labour force at 15.82 million persons in July 2020, from 15.76 million the previous month.
The unemployment rate also dropped to 4.7% in July compared with 4.8% in the preceding month, he added.
“In terms of turnover, sales value of the manufacturing sector increased to RM119.3bil in July, growing 2.1% month-on-month.
“Wholesale and retail trade also recovered in July, generating RM108.7bil sales volume with a growth rate of 5.6% compared with the previous month, ” he said.
The favourable sales growth in this sub-sector was largely contributed by automotive sales following the effective tax relief strategy by the government, said Uzir.
In terms of Malaysia’s merchandise trade, he noted that July recorded an increase in total trade amounting to RM159.9bil compared to RM144.7bil the previous month. — Bernama
Source: https://www.thestar.com.my/business/business-news/2020/10/01/malaysian-economy-set-to-improve-in-third-quarter