Malaysia records 4.5% economic growth
KUALA LUMPUR: Driven by private sector spending and the manufacturing and services sector, Malaysia's economy grew 4.5% in the fourth quarter of 2016 - exceeding economists' survey of 4.4%.
The nation's central bank, Bank Negara Malaysia (BNM) said this was the strongest expansion compared to a 4.3% growth in the previous three months.
"On a quarter-on-quarter seasonally-adjusted basis, the economy recorded a sustained growth of 1.4%." it said, adding that the 4.5% growth in the fourth quarter of 2016 and the 4.2% expansion in 2016 were within the range projected by the Treasury.
While the fourth quarter growth was supported by the continued expansion in private sector expenditure, on the supply side, BNM said growth continues to be driven by the manufacturing and services sectors.
"Domestic demand expanded at a more moderate pace, as the improvement in private consumption and investment activity was more than offset by the decline in public expenditure.
“Private consumption is anticipated to remain supported by wage and employment growth, with additional impetus coming from government measures to support disposable income of households,” said BNM.
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