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Malaysian economy expands 4.9% on the year in Q2

by ChemOrbis Editorial Team -
  • 13/08/2015 (11:31)
According to data released by Malaysia’s central bank, the country’s gross domestic product (GDP) expanded 4.9% year over year in the second quarter of 2015. Economists’ preliminary estimates had called for a gain of 4.5% in a survey conducted by the Wall Street Journal. However, GDP growth slowed when compared with the growth of 5.6% in the first quarter of 2015. The decelaration in GDP growth was attributed to plunging exports and weak domestic demand stemming from the imposition of a new consumption tax.

The country’s manufacturing sector grew by 4.2% in the second quarter compared with 5.6% growth in the January-March period while the services sector grew 5.0% following a growth of 6.4% in the first quarter. The mining sector, meanwhile, grew at a rate of 6.0% in the April-June period after gaining 9.6% in the first quarter of 2015. Malaysia’s private sector consumption increased by 6.4% on the year in the second quarter while public sector consumption rose by 6.8%.
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