KUALA LUMPUR: Malaysia’s economic performance rose to a 22-year record high of 8.7 per cent in 2022 against 3.1 per cent in the previous year, according to the Department of Statistics Malaysia (DoSM).

In a separate statement, Bank Negara Malaysia (BNM) said the nation’s gross domestic product (GDP) expanded by seven per cent in the fourth quarter of 2022 (4Q 2022), versus 14.2 per cent in 3Q 2022, as support from the stimulus measures and low base effect waned.

The central bank noted that private sector activity remained the key growth driver in 4Q, supported by private consumption and investment.

”The continued growth in private consumption was mainly driven by improving labor market conditions,” it said.