Malaysia GDP Q2 +8.9%

Malaysia's economy grew at its fastest annual pace in a year in the second quarter as domestic demand expanded and exports remained resilient.

The central bank, Bank Negara Malaysia (BNM), reported that GDP from April to June grew by 8.9% over a year earlier, higher than the 5.8% rise in the previous quarter.

It was also quicker than any annual rate since the second quarter of 2021, when GDP was up 16.1% from a low year-earlier base.

Since reopening its borders in April, Malaysia's economy has been recovering steadily.

The estimated growth for 2022 will likely be near the top of the previously forecast range of 5.3% to 6.3%.

BNM said gradual changes in the overnight policy rate would be necessary to avoid stronger measures in the future, adding that any moves would be measured and gradual.

July marked the second straight meeting where the central bank raised its benchmark interest rate.