Malaysia’s 3Q GDP contracts at smaller pace

The favourable performance was attributed by exports-oriented industries which turned around to 5% (2Q 2020: -13.5%) and this was reflected in the performance of total exports in September 2020 which recorded a positive double-digit growth.

KUALA LUMPUR: Malaysia’s economy contracted at a smaller pace of 2.7% in the third quarter ended Sept 30,2020 compared with the 17.1% plunge in the second quarter, underpinned by the recovery in the manufacturing sector.

The Statistics Department said on Friday the economic performance during this pandemic period was also measured on the monthly basis where July posted a lower decline 2.7%, August contracted to negative 3.6% while September improved to a smaller negative 1.6%.