FOREX TradingCharts.com

Financial News: Malaysia GDP Growth Rebounds More Than Estimated

Malaysia GDP Growth Rebounds More Than Estimated

05/17/2024 - 03:43:00 (RTTNews)

(RTTNews) - Malaysia's economy logged a stronger-than-estimated rebound in the first quarter on household spending and investment, the second estimate from the Department of Statistics showed on Friday.

Gross domestic product grew by a revised 4.2 percent on a yearly basis in the first quarter, the fastest expansion since the first quarter of 2023.

The first quarter growth was revised up from 3.9 percent and followed a 2.9 percent expansion in the final three months of last year.

On a quarterly basis, the Malaysian economy rebounded by a revised 1.4 percent, reversing a 1.0 percent contraction in the fourth quarter of 2023.

The expenditure-side breakdown showed that household spending gained 4.7 percent annually, faster than the 4.2 percent rise a quarter ago.

The increase largely reflects higher spending on housing, water, electricity, gas and other fuels and on food and non-alcoholic beverages.

Driven by spending on supplies and services, state expenditure growth improved to 7.3 percent from 5.8 percent.

Gross fixed capital formation advanced at a pace of 9.6 percent after rising 6.4 percent a quarter ago.

Exports posted an annual increase of 5.2 percent, in contrast to the decline of 7.9 percent a quarter ago. Imports surged 8 percent following a drop of 2.6 percent in the prior period.

All sectors on the supply side showed better growth with services and manufacturing continued to propel the overall performance. The service sector posted 4.7 percent growth and manufacturing climbed 1.9 percent.

The mining and quarrying sector grew 5.7 percent and farm output moved up 1.6 percent. At the same time, the construction sector registered an encouraging growth of 11.9 percent.

Despite the upward revision to growth, Capital Economics economist Shivaan Tandon said the economy is set to log below-trend GDP growth this year as a whole.

The softening labor market, tighter fiscal policy and soft foreign demand are likely to weigh on economic activity in the coming quarters, the economist noted.

Separately, the statistical office said the current account surplus surged to MYR 16.2 billion in the first quarter from MYR 0.9 billion in the prior quarter. This notable increase was mainly fueled by the income and goods accounts.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Consumer Sentiment Unexpectedly Drops To Seven-Month Low In June (35 min(s), 25 sec(s) ago)
(RTTNews) - The University of Michigan released preliminary data on Friday unexpectedly showing a ...Full Story»

China Bank Lending Rises Less Than Expected (01 hr(s), 11 min(s), 25 sec(s) ago)
(RTTNews) - China's bank lending increased less than expected in May as credit demand remained ...Full Story»

U.S. Import Price Unexpectedly Decrease 0.4% In May (01 hr(s), 24 min(s), 25 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story»

U.S. Import, Export Prices Unexpectedly Decrease In May (02 hr(s), 11 min(s), 25 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story»

Eurozone April Trade Balance Swings To Surplus (04 hr(s), 20 min(s), 25 sec(s) ago)
(RTTNews) - Euro area visible trade balance logged a surplus in April this year versus a deficit i ...Full Story»

UK Inflation Expectations Ease In May: BoE Survey (05 hr(s), 43 min(s), 25 sec(s) ago)
(RTTNews) - Britons' short-term inflation expectations softened in May, the quarterly Inflatio ...Full Story»

French Inflation Accelerates In May (07 hr(s), 21 min(s), 25 sec(s) ago)
(RTTNews) - France's consumer price inflation accelerated in May on higher energy and food pri ...Full Story»

Bank Of Japan Delays Bond Purchase Reduction (08 hr(s), 08 min(s), 25 sec(s) ago)
(RTTNews) - The Bank of Japan delayed its normalization of policy on Friday as policymakers decide ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Sentiment Unexpectedly Drops To Seven-Month Low In June

06/14/2024 - 10:12 AM (RTTNews)
(RTTNews) - The University of Michigan released preliminary data on Friday unexpectedly showing a ...Full Story>>

China Bank Lending Rises Less Than Expected

06/14/2024 - 09:36 AM (RTTNews)
(RTTNews) - China's bank lending increased less than expected in May as credit demand remained ...Full Story>>

U.S. Import Price Unexpectedly Decrease 0.4% In May

06/14/2024 - 09:23 AM (RTTNews)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story>>

U.S. Import, Export Prices Unexpectedly Decrease In May

06/14/2024 - 08:36 AM (RTTNews)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story>>

Eurozone April Trade Balance Swings To Surplus

06/14/2024 - 06:27 AM (RTTNews)
(RTTNews) - Euro area visible trade balance logged a surplus in April this year versus a deficit i ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.