GDP nosedives in Q2 due to economic pause in April

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Malaysia's gross domestic product for the second quarter (Q2) is down negative 17.1 percent compared to the same period last year. This is the first time quarterly gross domestic product (GDP) change is in the negative territory since Q3 2009 (-1.1 percent). "On a quarter-on-quarter seasonally-adjusted basis, the economy contracted by 16.5 percent," said Bank Negara in a statement. According to Reuters, this the worst slump since the Asia financial crisis which saw GDP shrink by 11.2 percent in Q4 of 1998. Putrajaya had enforced strict movement controls between March 18 and May 3, limiting economic activity in a bid to slow down the spread of Covid-19. According to the Department of Statistics, all components of the economy except agriculture (+ 1.0 percent) registered negative growth. The hardest hit was construction (-44.5 percent) followed by mining (-20 percent), m…