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GDP records growth of 5.9pct in 2017, says Bank Negara

The Malaysian economy expanded 5.9 percent in 2017 with private sector demand continuing to be the primary driver of growth, while the outlook for 2018 remained favourable, supported by domestic demand, said Bank Negara.

In the fourth quarter of 2017, the gross domestic product also grew by 5.9 percent.

The 2017 GDP is higher than the 4.2 percent and 5.0 percent registered in 2016 and 2015, respectively.

From the supply side, all economic sectors continued to expand, except for the mining sector, the central bank said in a statement today.

On a quarter-on-quarter seasonally-adjusted basis, the economy grew 0.9 percent (3Q 2017: 1.8 percent).

Meanwhile, the Statistics Department noted that the economy accelerated at a faster pace with a value of RM1.17 trillion (2016:4.2 percent) at constant prices and RM1.35 trillion at current prices.

It said the services, manufacturing and agriculture sectors were the anchor on the production side, with all sectors recording positive growth except mining and quarrying.

“On the expenditure side, the performance was driven mainly by private final consumption expenditure,” the department said in its official portal.

The department said the services sector registered strong growth of 6.2 percent in the quarter under review, underpinned by wholesale and retail trade and information and communication sub-sectors.

For the manufacturing sector, it registered a moderate pace of 5.4 percent (Q3 2017: 7 percent).

Electrical, electronic and optical products continued to be the main impetus in manufacturing for this quarter, albeit, at a moderate growth rate of 5.7 percent.

Meanwhile, the agriculture sector augmented by recording a double-digit growth of 10.7 percent.

“This was the highest growth registered since the third quarter of 2011," the department said, adding that the expansion in this sector was mainly driven by the impressive performance by the oil palm sector, at 24.3 percent, following higher yields.

Private final consumption expenditure grew 7.0 percent (Q3 2017: 7.2 percent), while on a quarter-on-quarter seasonally adjusted basis, it increased to 1.8 percent.

Gross fixed capital formation (GFCF) moderated to 4.3 percent from 6.7 percent recorded in the previous quarter due to a moderation in machinery and equipment at 8.3 percent compared with a double-digit 11.5 percent registered in the third quarter of 2017.

 Exports grew 7.1 percent, influenced by the moderation in the external environment, while imports grew 7.4 percent impelled by the performance in the imports of goods and services.

- Bernama

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