KUALA LUMPUR – Malaysia’s gross domestic product decreased to a slower pace of 2.7% in the third quarter of 2020 (3Q20) from the 17.1% contraction in the second quarter, said the Statistics Department.
Chief Statistician Datuk Seri Mohd Uzir Mahidin, in a statement today, said the economic performance in 3Q20 was lifted by a rebound in the manufacturing sector, while other industries showed an improved negative growth compared to the previous quarter.
“Overall, the performance in the third quarter was driven mainly by the manufacturing sector, which grew 3.3% compared to the decline of 18.3% in the previous quarter, supported by electrical, electronics and optical, as well as vegetable and animal oils and fats, and food-processing products.
“The favourable performance was attributed by export-oriented industries that turned around to 5% from -13.5% in the second quarter, and this was reflected in the performance of total exports in the month of September, which recorded a positive double-digit growth.”
The department said a continuous recovery is seen in the country’s economic performance in 3Q20 amid the challenges to contain the spread of Covid-19 through various phases of the movement control order since June 10, with the reopening of economic activities and lifting of the ban on interstate travel.
As more economic sectors resumed operations, it said, the unemployment rate slightly dropped to 4.7% in the quarter compared to 5.1% in the second quarter.
For 3Q20, among the states that performed better were Sarawak, Penang and Terengganu. – Bernama, November 13, 2020
