Last Updated: 2018-02-14
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KUALA LUMPUR, Malaysia Feb 14 (NNN-Bernama) -- The Malaysian economy which registered a Gross Domestic Product of 5.9 per cent in 2017, accelerated at a faster pace with a value of RM1.17 trillion (2016:4.2 per cent) at constant prices and RM1.35 trillion at current prices, said the Statistics Department.

It said the services, manufacturing and agriculture sectors were the anchor on the production side, with all sectors recording positive growth except mining and quarrying.

“On the expenditure side, the performance was driven mainly by private final consumption expenditure,” the department said in its official portal.

Bank Negara Malaysia (BNM) today announced a GDP growth of 5.9 per cent for both the fourth quarter of 2017 and for the full year.(BNM is Malaysia’s central bank)

The department said the services sector registered a strong growth of 6.2 per cent in the quarter under review, underpinned by wholesale and retail trade and information and communication sub-sectors.
For the manufacturing sector, it registered a moderate pace of 5.4 per cent (Q3 2017: 7.0 per cent).

Electrical, electronic and optical products continued to be the main impetus in manufacturing for this quarter, albeit, at a moderate growth rate of 5.7 per cent.

Meanwhile, the agriculture sector augmented by recording a double-digit growth of 10.7 per cent.

“This was the highest growth registered since the third quarter of 2011," it said, adding that the expansion in this sector was mainly driven by the impressive performance by the oil palm sector, at 24.3 per cent, following higher yields.

As for private final consumption expenditure, it grew 7.0 per cent (Q3 2017: 7.2 per cent), while on a quarter-on-quarter seasonally adjusted basis, it increased to 1.8 per cent.

Gross fixed capital formation (GFCF) moderated to 4.3 per cent from 6.7 per cent recorded in the previous quarter due to a moderation in machinery and equipment at 8.3 per cent compared with a double-digit 11.5 per cent registered in the third quarter of 2017.

Exports grew 7.1 per cent, influenced by the moderation in external environment, while imports grew 7.4 per cent impelled by the performance in the imports of goods and services.--NNN-BERNAMA