KUALA LUMPUR: Malaysia's economy recorded a spectacular performance in the last quarter of 2012, growing 6.4%.
This
is the highest quarterly growth since two and a half years ago and was
buoyed by robust manufacturing and construction sectors.
It supported the overall economic growth for 2012 that expanded to 5.6% compared to 5.1% in 2011.
Economists
polled by Reuters had forecast that the growth of the fourth quarter
would accelerate to 5.5% from 5.2% in the previous three-month period,
and forecast a full-year growth at 5.3%.
All sectors registered
positive growth with the services, manufacturing and construction
sectors continuing to be the key drivers in the supply side.
Many
experts believed that the Economic Transformation Programme, with its
multi-billion projects, had to a great extent supported the growth in
the construction sector that carried spill-over effects onto other
sectors.
Bank Negara Malaysia said total investment remained robust and was the main driver of growth during the quarter.
“The growth of private consumption continued to remain strong although the pace of increase moderated.
“The growth during the quarter also benefited from a significantly lower negative contribution from net exports.
“On
the supply side, most economic sectors recorded improvements in growth
during the quarter,” it said in a statement yesterday.
The main drivers of the economy in the fourth quarter included domestic demand that continued to expand by 7.5%.
Private
sector investment advanced by 20.2% supported by capital spending in
the domestic-oriented manufacturing and consumer-related services
sub-sectors, namely telecommunications, real estate and aviation and the
on-going implementation of projects in the oil and gas sector.
Investment
was also supported by capacity expansion in the primary-related
manufacturing cluster and capital spending in new growth areas such as
medical and communications equipment.
Public investment expanded
by 11.1%, driven by capital spending by public enterprises in the
transportation, utilities, oil and gas and communications sectors.
Bank
Negara said the headline inflation rate, as measured by the annual
change in the Consumer Price Index, continued to moderate to 1.3% in the
fourth quarter.
Going forward, Bank Negara said there were
emerging signs of improvements in the global economy where the latest
economic indicators also suggested further stabilisation in growth
performance in Asia. - The Star/Asia News Network
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Showing posts with label Malaysia GDP 2012. Show all posts
Showing posts with label Malaysia GDP 2012. Show all posts
Thursday 21 February 2013
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