Malaysia’s Q2 GDP posts largest growth in over 2 years

According to the Department of Statistic, Malaysia’s GDP (gross domestic product) grew at the fastest pace in more than two years in the second quarter of 2017 year on year.

The unexpected growth in economy at 5.8% followed a 5.6% rate recorded in Q1 of this year and beat the previous expectations for a growth of 5.4%. It was attributed to rising consumer demand and revived manufacturing in the country.

Consumer spending surged 7.1% in the second quarter from a year earlier, the data revealed, while investments expanded 7.4% from a year earlier. Exports of Malaysia were up by 9.6% while imports climbed 10.7% in the second quarter.

Services sector posted an increase of 6.3% while manufacturing growth was up by 6% in the period year on year. The agriculture sector also grew 5.9%.