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Malaysia’s economic growth in Q1 exceeds expectations

by ChemOrbis Editorial Team -
  • 19/05/2017 (10:18)
According to the data released by the Department of Statistics, the rise in Malaysia’s GDP in the first quarter of 2017 exceeded the 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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