Latest news with #MohdUzirMahidin


Reuters
2 days ago
- Business
- Reuters
Malaysia's economy grew 4.5% y/y in Q2, advance estimates show
KUALA LUMPUR, July 18 (Reuters) - Malaysia's economy grew 4.5% in the second quarter from a year earlier, official advance estimates showed on Friday, sustaining the pace of the previous quarter as strong domestic consumption and steady manufacturing growth offset a slowdown in exports. In the first quarter, gross domestic product growth grew an annual 4.4%, slowing from the end-2024 rate as lower oil and gas production tempered strong household spending and a steady expansion in investments. Growth in the April-to-June period was buoyed by resilient consumer demand despite global headwinds, the statistics department said, flagging economic uncertainties driven by U.S. President Donald Trump's tariff drive. "Overall... the external components of the economy remained challenging, weighed down by surrounding tariff developments and continued global political uncertainties," Chief Statistician Mohd Uzir Mahidin said in a statement. The services sector remained the primary driver of economic growth in the quarter, growing 5.3% on-year, while the manufacturing sector rose 3.8%, Mohd Uzir said. Trade activity slowed in May, amid weaker demand in exports, he added. Separate data released on Friday showed exports falling for the second month in a row in June, declining 3.5% from a year earlier after dipping by 1.1% the previous month. Malaysia's economy grew 5.1% in 2024, driven by domestic demand, record approved investments, and robust exports. Prime Minister Anwar Ibrahim said in May that this year's growth target of between 4.5% and 5.5% was unlikely to be met in the aftermath of the U.S. tariffs. The central bank, which earlier this month cut interest rates for the first time in five years, has also said it would have to lower its growth forecast amid risks to the export-oriented economy from tariffs and geopolitical tensions. Malaysia faces a 25% tariff on its exports to the United States, unless it can reach a trade deal before August 1. Final second-quarter GDP figures are expected to be released on August 15.

Barnama
2 days ago
- Business
- Barnama
Malaysia 2Q GDP Forecast To Expand 4.5 Pct, Fuelled By Robust Domestic Demand -- DOSM
BUSINESS KUALA LUMPUR, July 18 (Bernama) -- Malaysia's economy is forecast to grow by 4.5 per cent in the second quarter of 2025 (2Q 2025) based on advance gross domestic product (GDP) estimates, slightly outpacing previous quarter's 4.4 per cent. Growth is expected to be driven by robust domestic demand amid global headwinds, according to the Statistics Department Malaysia (DOSM). In a statement today, DOSM said growth momentum was sustained in April and May, with a stronger performance anticipated in June. "Overall, the economy is estimated to have grown moderately by 4.4 per cent in the first half of 2025," it said. Chief statistician Datuk Seri Mohd Uzir Mahidin said domestic consumption remained the key driver, significantly boosted by the lingering effects of public sector wage adjustments, school holidays and seasonal spending during both Hari Raya Aidilfitri and Hari Raya Aidiladha. A stable labour market, together with low unemployment and inflation rates, further reinforced household spending. 'Cash assistance programmes such as Sumbangan Asas Rahmah and Sumbangan Tunai Rahmah also contributed to sustaining household consumption during the quarter," he said. Mohd Uzir noted that the manufacturing sector experienced varied performance in 2Q, growing by 5.6 per cent in April and moderating to 2.8 per cent in May. "This growth was largely attributed to sustained activity in the electrical and electronics sub-sector and robust demand from domestic-oriented industries, as indicated by the Industrial Production Index.


CNA
2 days ago
- Business
- CNA
Malaysia's economy grew 4.5% y/y in Q2, advance estimates show
KUALA LUMPUR :Malaysia's economy grew 4.5 per cent in the second quarter from a year earlier, official advance estimates showed on Friday, sustaining the pace of the previous quarter as strong domestic consumption and steady manufacturing growth offset a slowdown in exports. In the first quarter, gross domestic product growth grew an annual 4.4 per cent, slowing from the end-2024 rate as lower oil and gas production tempered strong household spending and a steady expansion in investments. Growth in the April-to-June period was buoyed by resilient consumer demand despite global headwinds, the statistics department said, flagging economic uncertainties driven by U.S. President Donald Trump's tariff drive. "Overall... the external components of the economy remained challenging, weighed down by surrounding tariff developments and continued global political uncertainties," Chief Statistician Mohd Uzir Mahidin said in a statement. The services sector remained the primary driver of economic growth in the quarter, growing 5.3 per cent on-year, while the manufacturing sector rose 3.8 per cent, Mohd Uzir said. Trade activity slowed in May, amid weaker demand in exports, he added. Separate data released on Friday showed exports falling for the second month in a row in June, declining 3.5 per cent from a year earlier after dipping by 1.1 per cent the previous month. Malaysia's economy grew 5.1 per cent in 2024, driven by domestic demand, record approved investments, and robust exports. Prime Minister Anwar Ibrahim said in May that this year's growth target of between 4.5 per cent and 5.5 per cent was unlikely to be met in the aftermath of the U.S. tariffs. The central bank, which earlier this month cut interest rates for the first time in five years, has also said it would have to lower its growth forecast amid risks to the export-oriented economy from tariffs and geopolitical tensions. Malaysia faces a 25 per cent tariff on its exports to the United States, unless it can reach a trade deal before August 1. Final second-quarter GDP figures are expected to be released on August 15.

Malay Mail
6 days ago
- Business
- Malay Mail
Malaysia's wholesale, retail trade up 4.4pc in May to RM154.3b, says DOSM
KUALA LUMPUR, July 14 — Malaysia's wholesale and retail trade registered a total sales of RM154.3 billion in May 2025, reflecting a 4.4 per cent growth year-on-year (y-o-y), according to the Department of Statistics Malaysia (DOSM). In a statement today, its chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth was primarily supported by the performance of the retail and wholesale trade sub-sectors. 'The retail trade sub-sector registered RM67.1 billion in sales, an increase of RM3.1 billion or 4.9 per cent y-o-y. 'The wholesale trade sub-sector recorded RM68.2 billion, up RM3.1 billion or 4.7 per cent y-o-y, reflecting steady business activity across supply chains,' he said. May's online retail sales showed an increase, with the index rising by 2.2 per cent y-o-y, he said. 'However, after seasonal adjustment, the index recorded a month-on-month decline of negative 3.4 per cent,' he said. In terms of volume index, he said wholesale and retail trade posted a higher y-o-y increase at 4.1 per cent, driven by the wholesale trade sub-sector, which rose by 5.8 per cent, followed by retail trade with a 3.7 per cent increase. Complementing the trade growth, Mohd Uzir said Malaysia's digital payment transactions recorded a strong y-o-y gain in May 2025. 'E-money transactions surged by 70.2 per cent y-o-y to RM21.5 billion, reflecting heightened adoption of digital payments. 'Real-time retail payments platform transactions amounted to RM289.4 billion, underscoring the growing demand for instantaneous payment solutions. 'Meanwhile, financial process exchange transactions expanded by 21.1 per cent to RM39.2 billion, driven by increased online banking activity,' he said. The chief statistician said credit card usage remained stable at RM18.7 billion, while debit card transactions registered an eight per cent growth to RM14.1 billion. 'Collectively, these trends highlight the sustained expansion of digital payment channels, in line with evolving consumer preferences and the broader digitalisation of Malaysia's payment infrastructure,' he added. — Bernama


New Straits Times
6 days ago
- Business
- New Straits Times
Malaysia's wholesale, retail trade sales up 4.4pct to RM154.3bil in May: DOSM
KUALA LUMPUR: Malaysia's wholesale and retail trade registered a total sales of RM154.3 billion in May 2025, reflecting a 4.4 per cent growth year-on-year (y-o-y), according to the Department of Statistics Malaysia (DOSM). In a statement today, its chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth was primarily supported by the performance of the retail and wholesale trade sub-sectors. "The retail trade sub-sector registered RM67.1 billion in sales, an increase of RM3.1 billion or 4.9 per cent y-o-y. "The wholesale trade sub-sector recorded RM68.2 billion, up RM3.1 billion or 4.7 per cent y-o-y, reflecting steady business activity across supply chains," he said. May's online retail sales showed an increase, with the index rising by 2.2 per cent y-o-y, he said. "However, after seasonal adjustment, the index recorded a month-on-month decline of negative 3.4 per cent," he said. In terms of volume index, he said wholesale and retail trade posted a higher y-o-y increase at 4.1 per cent, driven by the wholesale trade sub-sector, which rose by 5.8 per cent, followed by retail trade with a 3.7 per cent increase. Complementing the trade growth, Mohd Uzir said Malaysia's digital payment transactions recorded a strong y-o-y gain in May 2025. "E-money transactions surged by 70.2 per cent y-o-y to RM21.5 billion, reflecting heightened adoption of digital payments. "Real-time retail payments platform transactions amounted to RM289.4 billion, underscoring the growing demand for instantaneous payment solutions. "Meanwhile, financial process exchange transactions expanded by 21.1 per cent to RM39.2 billion, driven by increased online banking activity," he said. The chief statistician said credit card usage remained stable at RM18.7 billion, while debit card transactions registered an eight per cent growth to RM14.1 billion. "Collectively, these trends highlight the sustained expansion of digital payment channels, in line with evolving consumer preferences and the broader digitalisation of Malaysia's payment infrastructure," he added.