MEZIESBLOG

wholesale, retail trade sales up 6.7% in July

Malaysia’s wholesale and retail trade sales value rise 6.7 percent year on year to 149 billion ringgit (34.26 billion U.S. dollars) in July, official data showed Monday.

The Department of Statistics Malaysia (DOSM) said in a statement that the growth was primarily driven by retail trade sub-sector, which expanded 6.4 percent to 63.5 billion ringgit.

Wholesale trade went up 5.5 percent to 66.6 billion ringgit.

For monthly comparison, wholesale and retail trade rebounded 2.1 percent, bolstered by motor vehicles which increased 11.6 percent. (1 ringgit equals 0.23 U.S. dollars) 

unemployment rate remains unchanged at 3.3% in July

Malaysia’s unemployed in July declined 0.3 percent to 563,700 persons from June, with unemployment rate remained unchanged at 3.3 percent, official data showed Monday.

The Department of Statistics Malaysia (DOSM) said in a statement that Malaysia’s labor market remained stable, following the country’s growing economic position.

According to the DOSM, the number of labor force in July improved further by recording an increase of 0.1 percent to 17.20 million persons from June.

Meanwhile, the labor force participation rate was unchanged at 70.4 percent.

The number of employed persons also continued to rise in July, growing 0.2 percent month on month to 16.63 million persons.

“Malaysia’s labor market position is foreseen to remain competitive and stable in the upcoming months in line with the country’s economic performance,” the DOSM said.

It noted that Malaysia’s economic landscape continues to expand, mainly supported by rising household spending, a continuing positive labor market and greater policy support, as well as the increase in exports of goods and higher tourist arrivals, and a strong expansion in investment activities.

“Encouraging developments in economic and business activities will lead to the creation of more job opportunities and incomes in the economy, which will encourage more labor participation in the market,” it added. 

property sales rise 23.8% in H1, highest in 5 years

Malaysia’s property sales increased by 23.8 percent year-on-year to 105.65 billion ringgit in the first half of 2024, the highest in five years, official data showed Monday.

The National Property Information Center (NAPIC) said in a statement that the property transactions volume also rose 8 percent year on year to 198,806 in the first half.

“The highest achievement of the property market in the first half 2024 was driven by Malaysia’s strong economic growth of 5.9 percent, provides confidences that the country is on the right track towards achieving the national economic transformation,” Malaysia’s Deputy Minister of Finance Lim Hui Ying said.

Lim said the government support including offering up to 10 billion ringgit in guarantees under the housing credit guarantee scheme, maintaining the Overnight Policy Rate (OPR) at 3.0 percent, and fiscal policies such as the extension of the stamp duty exemptions period on property transfer documents for the purchase of first-time home buyers have driven a stronger property market.

Meanwhile, preliminary data for the Malaysian House Price Index in the first half stood at 218.7 points, with an average price of 471,918 ringgit per unit, reflecting an annual growth rate of 0.9 percent. (1 ringgit equals 0.23 U.S. dollars)