On Nov 14th, Bank Negara announced Malaysia’s growth domestic product expanded to 14.2 per cent in the quarter that ended September 2022.
This impressive growth surpassed other Southeast Asian countries for the same period, including Vietnam, which performed at 13.7 per cent.
The Malaysian Finance Ministry said the country’s GDP was on track to surpass pre-pandemic growth in 2022.
But how can this relate to car sales? Can we assume that a good economy will generally mean more car sales?
According to the Malaysian Automotive Association, the YTD Sales volume for October 2022 was 50% higher than a similar period of the past year.
The outlook for vehicle sales in Nov 2022 & beyond is expected to maintain steadily despite the disruptions of the chip supply chain that may affect some car makers more than others.