Friday 29 Mar 2024
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KUALA LUMPUR (Aug 18): Malaysia's economy, as measured by gross domestic product (GDP), grew 5.8% in 2017's second quarter (2Q) from a year earlier, on domestic demand and export growth.

Bank Negara Malaysia said in a statement today that domestic demand grew mainly on private sector spending. On the supply side, Bank Negara said all major sectors of the economy registered growth.
 
"Given the strong growth in the first half of 2017 at 5.7%, the Malaysian economy is expected to expand by more than 4.8% in 2017. Domestic demand is projected to underpin this expansion. On the external front, exports are expected to benefit from the stronger-than-expected improvement in global growth. 

"(Malaysia's) Headline inflation is expected to moderate further in the second half of 2017, reflecting the waning effect of global cost factors. For 2017 as a whole, it is expected to average within the forecast range of 3.0% – 4.0%," Bank Negara said.

In quarterly terms, Bank Negara said the nation's 2Q GDP grew 1.3% from the preceding 1Q. During 1Q, GDP expanded 5.6% from a year earlier, the central bank said.

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