2020.08.1407:13:00UTC+00Malaysia GDP Logs Double-digit Decline In Q2

Malaysia's economy logged a double-digit contraction in the second quarter, data from the Department of Statistics showed on Friday.

Gross domestic product dropped 17.1 percent year-on-year in the second quarter, after a 0.7 percent rise in the first quarter. Economists had forecast a fall of 10.0 percent.

The performance for this quarter was the lowest recorded since the fourth quarter of 1998, the statistical office said.

On a quarter-on-quarter basis, the economy shrank a seasonally adjusted 16.5 percent in the second quarter, following a 2.0 percent fall in the preceding period.

The expenditure-side breakdown showed that household spending declined 18.5 percent, while government spending growth eased to 2.3 percent. Gross fixed capital formation fell 28.9 percent.

Exports and imports decreased by 21.7 percent and 19.7 percent, respectively, in the second quarter.