Malaysia reported 17.1% y/y GDP contraction in Q2 2020

The COVID-19 crisis weighed heavily on Malaysia’s economic performance in Q2 2020, causing GDP to plummet by 17.1% y/y in real terms after growing by 0.7% y/y in Q1. Private consumption declined by 18.5% y/y, following a 6.7% y/y expansion in Q1, and gross fixed capital formation (Investment) plummeted by 28.9% following a 4.6% y/y fall previously, but government expenditure rose by 2.3% y/y (Q1: 5% y/y). 

Goods and services export and import volume, which declined in Q1, fell more considerably in Q2 by 21.7% y/y and 19.7% y/y, respectively. On an output basis, manufacturing was down by 18.3% y/y, construction by 44.5% y/y, mining and quarrying by 20% y/y and services by 16.2% y/y, but agriculture increased by 1% y/y.

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