FOREX TradingCharts.com

Financial News: Malaysia's GDP Falls At Slower Pace In Q1

Malaysia's GDP Falls At Slower Pace In Q1

05/11/2021 - 05:55:00 (RTTNews)

(RTTNews) - Malaysia's economy contracted at a slower pace in the first quarter underpinned by the improvement in domestic demand and exports.

Gross domestic product declined 0.5 percent annually in the first quarter, but slower than the 3.4 percent decrease seen in the fourth quarter, Bank Negara Malaysia reported Tuesday.

The economic activity gradually picked up as the restrictions related to the COVID-19 were relaxed in February and March.

"While the growth outlook continues to be shaped by developments surrounding the pandemic, the implementation of containment measures which are mainly aimed at curbing social activities and allow almost all economic sectors to operate, would minimise the impact on economic activity," BNM Governor Datuk Nor Shamsiah, said.

The central bank projected the economy to grow in the range of 6 to 7.5 percent in this year.

The rebound in GDP is impressive given that the economy was placed under a Movement Control Order from mid-January to early-March, Alex Holmes, an economist at Capital Economics, said.

But a resurgence in virus cases and the recent re-imposition of containment measures means GDP will probably stagnate this quarter, the economist added.

On a quarter-on-quarter basis, the economy registered a growth of 2.7 percent, in contrast to a 1.5 percent fall in the fourth quarter.

Headline inflation turned positive in the first quarter. Prices rose 0.5 percent, following a 1.5 percent drop in the fourth quarter. This was attributable to the positive albeit low fuel inflation following the base effect. Headline inflation is expected to average higher between 2.5 percent and 4.0 percent in 2021, primarily due to the cost-push factor of higher global oil prices.

Inflation will temporarily spike in the second quarter of 2021 driven by the lower base from the low domestic retail fuel prices in the same period of 2020, BNM observed.

Although inflation is forecast to rise in the range of 6.5 percent to 7 percent in April and May, it will return to below 5 percent in June, the bank said.

The current account surplus fell to MYR 12.3 billion from MYR 19 billion in the fourth quarter of 2020, official data showed.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Greece Current Account Deficit Widens In April (05 min(s), 10 sec(s) ago)
(RTTNews) - Greece's current account deficit widened notably in April from the last year due t ...Full Story»

UK Inflation Expectations Slow In May: BoE/Kantar Survey (20 min(s), 10 sec(s) ago)
(RTTNews) - Britons' inflation expectations for the coming year slowed in May, the latest Bank ...Full Story»

Portugal Producer Prices Accelerate In May (01 hr(s), 58 min(s), 10 sec(s) ago)
(RTTNews) - Portugal's producer prices accelerated in May, figures from Statistics Portugal sh ...Full Story»

UK Retail Sales Decline In May (02 hr(s), 13 min(s), 10 sec(s) ago)
(RTTNews) - UK retail sales dropped in May as the reopening of all retail sectors and the easing o ...Full Story»

Croatia Jobless Rate Falls In May (03 hr(s), 09 min(s), 10 sec(s) ago)
(RTTNews) - Croatia's jobless rate declined in May, figures from the Croatian Bureau of Statis ...Full Story»

Eurozone Current Account Surplus Rises In April (04 hr(s), 17 min(s), 10 sec(s) ago)
(RTTNews) - The euro area current account surplus increased in April, the European Central Bank re ...Full Story»

Poland Average Gross Wages Rise In May (04 hr(s), 32 min(s), 10 sec(s) ago)
(RTTNews) - Poland's average gross wages rose in May, data from Statistics Poland showed on Fr ...Full Story»

BoJ Keeps Stimulus Unchanged; Mulls Funding Plans To Address Climate Change (05 hr(s), 36 min(s), 10 sec(s) ago)
(RTTNews) - The Bank of Japan maintained its massive monetary stimulus and announced the introduct ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Greece Current Account Deficit Widens In April

06/18/2021 - 09:10 AM (RTTNews)
(RTTNews) - Greece's current account deficit widened notably in April from the last year due t ...Full Story>>

UK Inflation Expectations Slow In May: BoE/Kantar Survey

06/18/2021 - 08:55 AM (RTTNews)
(RTTNews) - Britons' inflation expectations for the coming year slowed in May, the latest Bank ...Full Story>>

Portugal Producer Prices Accelerate In May

06/18/2021 - 07:17 AM (RTTNews)
(RTTNews) - Portugal's producer prices accelerated in May, figures from Statistics Portugal sh ...Full Story>>

UK Retail Sales Decline In May

06/18/2021 - 07:02 AM (RTTNews)
(RTTNews) - UK retail sales dropped in May as the reopening of all retail sectors and the easing o ...Full Story>>

Croatia Jobless Rate Falls In May

06/18/2021 - 06:06 AM (RTTNews)
(RTTNews) - Croatia's jobless rate declined in May, figures from the Croatian Bureau of Statis ...Full Story>>

Do not sell my personal information

Copyright © 2021. 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.