ECONOMY / KEY INFRASTRUCTURE UPDATES​

• In 2Q 2023, the Gross Domestic Product (GDP) grew by 2.9% (cf. 1Q 2023: 5.6%), weighed down by moderation and contraction in all sectors.
• Private consumption, which accounts for about 60% of the country’s GDP, slowed to 4.3% (cf. 1Q 2023: 5.9%).
• Domestic tourism expenditures remained robust, totaling RM21.9 million, an increase of 13.9% q-o-q.
• The Overnight Policy Rate (OPR) was maintained at 3.0% and it is anticipated to remain unchanged for the remainder of the year, as growth is expected to moderate while inflation eases.
• The Ringgit recorded a 5.8% decline against the US dollar, extending its downtrend against the dollar in 2Q 2023.
• The Malaysia’s GDP is forecast to grow at 4.00% to 5.00% in 2023, driven largely by domestic demand.