Surprising BNM Q2 GDP growth shores up Anwar
BNM figures show 5.9% growth in the 2Q
In an unexpected surprise for the Madani government, Bank Negara figures show a 5.9% growth in GDP for the 2nd quarter of 2024. This has been attributed to a growth in private consumption or household spending of 6.0%, a 12% growth in private domestic investment, and an 8.4% growth in exports.
This surpasses the first quarter result of 4.2% growth.
Private consumption and investment growth has surprised the public sector, where government consumption grew at 3.6% (7.3% Q1) and public investment 9.1% (11.5% in Q1). This indicates that the economy is being carried by the private sector, a healthy sign for the economy. The service industry improved 5.9%, manufacturing 4.7%, agriculture 7.2%, mining 2.7%, and construction booming at 17.3%. This has flowed on to maintain the current unemployment rate of 3.3%, which is generally considered full employment.
Sector growth has been accompanied with real wage growth of 2.7%. This is higher than the CPI growth of 1.9% in Q2.
Malaysia’s current account stood at RM 3 billion or 0.6% of GDP. This was due to improving exports and tourism in Malaysia. Financial outflows of RM 18.7 billion in Q1 have been flipped to a net inflow of RM 17.1 billion in Q2. Â
BNM’s outlook for the economy is very positive, where it expects trade to recover during the second have of 2024. This will be primarily reliant on China. BNM also assumes continued form investment activity and household spending. BNM mentions an upgrowth in the global tech lift as spurring on a continued growth in exports.
However, BNM states the inflationary effects of the lifting of the diesel subsidy hasn’t yet been felt in the figures presented. Thus, inflation is set to rise in the second half of the year.
This certainly gives Anwar some bragging rights. It looks like everything fell together in the correct place. However, these figures are only up to June 30, and global events have taken a turn for the worse, since then. BNM’s view of China is similar to the WEF. Major China analysts have only just in the last weeks given some caution about China’s growth over the next half year.  Not all analysts share BNM’s sentiments over the technology sector.
If growth figures continue as such in the third quarter, BNM may have to consider a rates rise, which would add to the costs of running businesses and wipe out some of the positive effects of positive wage growth within economic growth.
During the meantime the government, and Anwar in particular will be able to rightfully claim he is delivering.
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We shouldn't pee in excitement over this revelation like this one of a really amazing growth figure. Stats can be invented to suit any occasion - especially to hide truth. Any good China, Thai, Bangla, Malay, etc doll, paid the right money, can massage your little drinking straw to make it look our famous fcuking flagpoles that our monkeys aspire to own in place of a working brain. The huge fcuking flagpoles are the Bolehland dream.
None of any Bolehland statistics can be trusted. Hence it is impossible to arrive at any conclusion or even start any study using Bolehland data. Just look at the gomen claims, academic "research", media reports etc none of them can be relied upon for any serious or useful purposes.
In fact, none of those in gomen, bureaucracy, academia, can vouch for the stats or know they have to for the many obvious reasons. Even though in Bolehland that doesn't matter. Like nothing matters...
When accurate data doesn't matter, the work of acquiring good data doesn't matter either. Working out any economic figure is not easy at all, they are all dependent on and subject to a big range of external influences. Thus, you may get that amazing figure for growth and all, any downturn anywhere else would prove that figure wrong or impossible to reach.
Of course the monkeys need soothing to feel good, Bolehlanders are easily soothed by any good gomen bullsh*t, MacMullah of MacDani is great at generating all sorts of bullsh *t, he, of all monkeys need to believe any old bullsh*t, especially his great output of that.
Whenever anyone come across any figure, the most helpful is to swallow that with a lorry load of salt. Ketuananwar always have the figures, he's always conjured up the big number of support he claimed to have to form any gomen after every election. And he's always fantasised the Arab and Muslim world count on him to be their messiah. The sad truth is not only they don't trust MacMullah of MacDani, they have more trust in the Chinese commies and atheist, Alhamdullilah!
Meanwhile, after Musk, I am waiting to see nothing and more nothing to happen with the tons of MOUs the MacMullah amassed on his way to get Bolehland nowhere!
So let's see what arises of this growth figure then..!
BNM?
Wahlau eh! I hope they are not sleeping on the job if mysterious sums of money find their way into the bank accounts of MacMullah of MacDani too, we've hardly started an honest inquiry into how BNM was a casino chips dispenser used for gambling and financial speculation by the Three Amigos!