KUALA LUMPUR – Malaysia’s economy recorded a 4.5 per cent growth in the last quarter of 2016, underpinned by continued expansion in private sector expenditure, leading to a full year growth of 4.2 per cent.
The 2016 Gross Domestic Product (GDP) is however, lower than the five per cent and six per cent registered in 2015 and 2014 respectively.
On the supply side, growth continued to be driven by the manufacturing and services sectors, Bank Negara Malaysia (BNM) announced today.
On a quarter-on-quarter seasonally adjusted basis, the economy recorded a sustained growth of 1.4 per cent (3Q 2016:1.4 per cent), it said.
“While the external environment may continue to remain challenging, the Malaysian economy will experience sustained growth with the primary driver being domestic demand,” it said in a statement.
The central bank said private consumption is anticipated to remain supported by wage and employment growth, with additional impetus coming from announced government measures to support disposable income of households.
“Investment activity will continue to be anchored by the on-going implementation of infrastructure projects and capital spending in the manufacturing and services sectors,” it added. – BERNAMA