Malaysia Records Better-Than-Anticipated Third Quarter 2020 GDP; Current Year’s GDP Forecast Maintained: Bank Negara Malaysia

Data from Bank Negara Malaysia (BNM) revealed that Malaysia’s gross domestic product (GDP) for the June-September 2020 quarter (3Q 2020) contracted 2.7% year-on-year (YoY), indicating a turnaround from the 17.1% YoY decline recorded in the second quarter of 2020.

The 3Q 2020 results came on the back of improvements across the manufacturing, services, mining, and constructions sectors, according to BNM Governor, Nor Shamsiah Yunus. Accordingly, Yunus noted that BNM’s full-year 2020 GDP assumption remained unchanged, since its revision in August 2020, at between -5.5% to -3.5%.

Speaking at a virtual news conference, Yunus noted that despite monetary and fiscal stimulus ef...