Malaysia suffers huge losses over floods

Malaysia said Thursday that it has recorded 600 million ringgit (135 million U.S. dollars) in losses due to floods in 2022.

The Department of Statistics Malaysia (DOSM) said in a statement that the losses were about 0.03 percent of the nominal gross domestic product (GDP).

In 2021, the figure stood at 6.1 billion ringgit or about 0.4 percent of the nominal GDP.

According to the DOSM, losses for the category of living quarters amounted to 157.4 million ringgit as compared to 1.6 billion ringgit in the previous year, while losses for vehicles stood at 18.8 million ringgit, compared to 982.8 million ringgit recorded in 2021.

Meanwhile, manufacturing suffered losses of 8.7 million ringgit due to floods, compared to 891.4 million ringgit in 2021. Agriculture incurred losses of 154.5 million ringgit due to floods in 2022, and public assets and infrastructure reported 232.7 million ringgit in losses. (1 ringgit equals 0.23 U.S. dollar) ■

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