MARKET DEVELOPMENT
Q2 GDP Registers Strong Growth Of 6.4 Per Cent Anchored By Higher Export
Q2 GDP Registers Strong Growth Of 6.4 Per Cent Anchored By Higher Export
15/08/2014 (Bernama) - Malaysia's Gross Domestic Product (GDP) grew 6.4 per cent in the second quarter against 6.2 per cent registered in the first quarter of the year, driven by higher exports and continued strength in private domestic demand, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz announced Friday.
In current prices, the second quarter GDP amounted to RM262.8 billion.
Zeti said the performance achieved was broadly higher than the 4.5 per cent recorded in the same quarter of last year.
Exports performed tremendously at 8.8 per cent while imports recorded a growth of 3.9 per cent.
"Exports and private sector activity remained the key drivers of growth during the quarter whereby private investment expanded by 12.1 per cent, reflecting investments in the services and manufacturing sectors.
"Private consumption increased by 6.5 per cent supported by stable employment conditions and continued wage growth while public sector expenditure declined by 2.1 per cent," she told a media briefing on the country's second quarter GDP performance here today.
She said the services sector recorded sustained growth of six per cent, supported mainly by the trade-related sub-sectors, the manufacturing sector expanded by 7.3 per cent and mining sector grew by 2.1 per cent due to higher production of both natural gas and crude oil.
The agriculture sector registered strong growth of 7.1 per cent, reflecting higher production of palm oil while the construction sector grew 9.9 per cent supported mainly by residential and non-residential sub-sectors.
Trade surplus narrowed to RM18.4 billion for the quarter from RM26.3 billion in the previous quarter while Bank Negara's international reserves amounted to RM423.5 billion as at July 31, sufficient to finance nine months of retained imports.
On the ringgit, she said it would continue to be affected by shifts in global liquidity and capital flows.
"Between July 1 and Aug 13, 2014, the local note appreciated against the US dollar by 0.6 per cent, 2.7 per cent against the euro, Australian dollar (2.1 per cent), pound sterling (2.0 per cent) and Japanese yen (1.6 per cent)," she added.
In current prices, the second quarter GDP amounted to RM262.8 billion.
Zeti said the performance achieved was broadly higher than the 4.5 per cent recorded in the same quarter of last year.
Exports performed tremendously at 8.8 per cent while imports recorded a growth of 3.9 per cent.
"Exports and private sector activity remained the key drivers of growth during the quarter whereby private investment expanded by 12.1 per cent, reflecting investments in the services and manufacturing sectors.
"Private consumption increased by 6.5 per cent supported by stable employment conditions and continued wage growth while public sector expenditure declined by 2.1 per cent," she told a media briefing on the country's second quarter GDP performance here today.
She said the services sector recorded sustained growth of six per cent, supported mainly by the trade-related sub-sectors, the manufacturing sector expanded by 7.3 per cent and mining sector grew by 2.1 per cent due to higher production of both natural gas and crude oil.
The agriculture sector registered strong growth of 7.1 per cent, reflecting higher production of palm oil while the construction sector grew 9.9 per cent supported mainly by residential and non-residential sub-sectors.
Trade surplus narrowed to RM18.4 billion for the quarter from RM26.3 billion in the previous quarter while Bank Negara's international reserves amounted to RM423.5 billion as at July 31, sufficient to finance nine months of retained imports.
On the ringgit, she said it would continue to be affected by shifts in global liquidity and capital flows.
"Between July 1 and Aug 13, 2014, the local note appreciated against the US dollar by 0.6 per cent, 2.7 per cent against the euro, Australian dollar (2.1 per cent), pound sterling (2.0 per cent) and Japanese yen (1.6 per cent)," she added.