Malaysia’s economy grew by 4.5 percent in the first quarter of 2019.
Malaysia’s economy grew by 4.5 percent in the first quarter of 2019. (Photo: nst.com.my)
According to Bank Negara Malaysia (BNM), the supply side, major sectors continued to expand, with the exception of mining, due to the decline in oil and natural gas production arising from unplanned closure of production facilities.
On a quarter-on-quarter seasonally-adjusted basis, the central bank said the economy grew by 1.1 percent.
BNM said the Malaysian economy is expected to remain on a steady growth path, with private sector demand anticipated to remain the anchor of growth, amid lower public sector spending.
Overall, the central bank said the baseline projection is for the Malaysian economy to grow between 4.3 and 4.8 percent for the year.
In late March, the central bank downgraded its forecast for the country’s economic growth this year to 4.3-4.8 percent, from earlier projection of 4.9 percent./.