GDP contracted by 5.6% in 2020 due to the COVID-19 pandemic and as falling oil prices hurt exports. Mobility restrictions, rising unemployment, and falling wages dented domestic demand, with private consumption contracting by 2.5%. Similarly, investment shrank by 12.2% and exports by 8.8%. Consumer prices fell by 1.1% despite a cut in the overnight policy rate to 1.75% in July. The fiscal deficit widened to 6.2% of GDP from 3.4% in 2019 as government revenue declined by 14.9% in. GDP growth was forecast to rebound to 6.0% in 2021 before the mid-2021 surge in COVID-19 cases. GDP is forecast to grow by 5.7% in 2022.
|Composite Stock Price Index 1||1.0 (May21)||1.0||1.0|
|Broad Money Growth 2||6.1 (Mar21)||6.1||5.1|
|Headline Inflation Rate 3||4.7 (Apr21)||1.7||-2.9|
|Industrial/ Manufacturing Production Growth Rate 3||9.3 (Mar21)||1.5||-5.1|
|Merchandise Export Growth 3||72.1 (Apr21)||72.1||37.0|
|Exchange Rate Index 4||110.0 (May21)||109.9||115.7|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database; Department of Statistics of Malaysia.|
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