Malaysia’s economy grew at a faster-than-expected pace in the first quarter, data from the Department of Statistics showed Thursday.
Gross domestic product advanced 4.5 percent year-over-year in the first quarter, slower than the 4.7 percent rise in the fourth quarter. Economists had forecast a growth of 4.3 percent.
During the first quarter, except mining and quarrying all the other sectors in the economy showed a positive growth.
On a quarter-on-quarter seasonally adjusted basis, GDP expanded 1.1 percent in the first quarter, after a 1.3 percent growth in the previous quarter.
Bank Negara Malaysia forecast the economy to grow between 4.3 percent – 4.8 percent for the year. Private sector demand is expected to remain the anchor of growth amid lower public sector spending.
Headline inflation is expected to average between 0.7 percent – 1.7 percent in 2019.
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