Malaysia’s economic growth in Q1 exceeds expectations
The data showed that the country’s GDP increased by 5.6% year-on-year in Q1 after climbing by 4.5% in the previous quarter and beat the economists’ estimates of a rise of 4.8%. This was the third month in a row that the country’s economy posted a growth.
The country’s economic growth was supported both by expenditure and production. On the expenditure side, private final consumption and gross fixed capital formation were up by 6.6% and 10% respectively year-on-year. On the production side, the largest contribution came from agriculture sector growing by 8.3%, followed by services (5.8%) and manufacturing sectors (5.6%).
Meanwhile, exports and imports posted respective increases of 9.8% and 12.9%.
The country’s GDP also rose by 1.8% in Q1 on a quarterly basis after an increase of 1.3% in Q4 of 2016 and slightly exceeded the economists’ estimates of a rise of 1.2%.
In addition, Malaysia’s trade surplus decreased to MYR 5.3 billion ($1.2 billion) in Q1 from MYR 12.5 billion ($2.88 billion) in Q4, the data showed.
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