Malaysia recorded an economic growth rate of 4.7 percent in 2018 (Photo: propertyhunter.com.my)Malaysia posted a gross domestic product (GDP) growth of 4.7 percent in the fourth quarter (Q4) of last year, leading to an overall economic growth of 4.7 percent in 2018, Bernama news agency reported, citing Bank Negara Malaysia (BNM)’s announcement.
According to the news agency, the growth was slower than the 5.9 percent recorded in 2017.
In 2018, the economy grew 5.4 percent in the Q1, 4.5 percent in Q2 and 4.4 percent in Q3.
BNM Governor Datuk Nor ShamsiahMohd Yunus was quoted as saying at a press conference that the 4.7 percent growth in the economy last year was supported by resilient private sector activities amid temporary supply disruptions.
In the Q4, private sector activity remained the main driver of growth, while a rebound in exports of goods and services contributed towards the positive growth of net exports.
On the supply side, major sectors continued to expand.
Bernama also cited a statement by BNM which said the services sector was supported by continued strength in consumer spending, particularly in the retail segment, while growth in the manufacturing sector remained driven by the electronics and electrical (E&E) and consumer-related clusters.
Commodities-related sectors continued to recover from production disruptions experienced since the Q2, with higher growth in the mining and agricultural sectors./.