Friday, February 18, 2011

Malaysia 2010 GDP expands 7.2pc

Malaysia's economy outperformed expectations to chalk up a commendable growth of 7.2 per cent last year compared with a contraction of 1.7 per cent in 2009, bolstered by a rebound in manufacturing and services as well as brisk exports and imports.

The government, which implemented a RM67 billion stimulus package two years ago to boost the economy severely affected by the global downturn, had earlier forecast gross domestic product to grow by 5-6 per cent last year.

However, the continued inflow of foreign direct investments, a healthy reserves position maintained by the central bank, a record performing ringgit, as well high commodity prices boosted growth and aided the rebound last year.

Bank Negara Malaysia today said the economy grew by 4.8 per cent in the fourth quarter (Q4) from 5.3 per cent in Q3, driven by domestic demand following higher private and public sector spending.

On the supply side, all economic sectors, with the exception of the primary sectors, continued to expand during the quarter, the central bank said in a statement.

Read more: Malaysia 2010 GDP expands 7.2pc

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