Malaysia’s economy contracted 4.5% in 3Q 2021 y-o-y (3Q 2020: -2.7%), while it contracted by -0.3% q-o-q (2Q 2021: 16.1%). The Gross Domestic Product (GDP) growth was weighed down by strict containment measures from Phase 1 of the National Recovery Plan (NRP) as reported by Bank Negara Malaysia (BNM).
All economic sectors recorded a decline during the review period. The Construction sector was most impacted (-20.6%) followed by Services (-4.9%), Mining and Quarrying (-3.6%) and Agriculture (-1.4%). The manufacturing sector remained resilient, contracting only marginally 0.8% as production was constrained to essential activities, but gradually recovered as restrictions eased.
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