Malaysia’s economy grew 5.7% in fourth quarter

01 March 2007 03:19  [Source: ICIS news]

SINGAPORE (ICIS news)--Malaysia’s economy expanded by 5.7% year-on-year in the fourth quarter of 2006, led by steady growth of its agriculture and services sectors, government statistics showed on Wednesday. 

The quarter’s gross domestic product (GDP) underscored the southeast Asian country’s sustained growth from 5.8% in the third quarter, its department of statistics said in a statement. 

For the full year, Malaysia’s GDP grew 5.9% compared to 5.2% in 2005, narrowly exceeding the government’s initial estimate of a 5.8% growth. 

A fourth quarter expansion of 4.3% in the manufacturing sector was led by positive growth in the industrial chemicals, chemical products, plastics and rubber segments. Lower demand for electrical and electronic products, however, limited the sector’s expansion. 

The agriculture sector saw 6.5% added in value, supported by robust production figures in the oil palm (10.3%) and rubber (7.5%) segments. 

Malaysia’s exports grew by 4.1% in the fourth quarter, mainly of palm oil and palm oil-based products, petroleum products, crude petroleum, and electrical and electronic products. 

This increase was moderate, compared to the 10.5% posted in the previous quarter. 

Imports also saw a muted 3.5% growth compared to 7.4% in the third quarter. 

On an annual basis, the external sector showed a slowdown with exports rising 6.3% and imports growing 7.2%.

By: Keith Tan Liming
+65 6780 4359

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