Malaysia Economy Grows 4.3% Cent, Inflation Slows To 1.3%, In Q3 Of 2016

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KUALA LUMPUR, Nov 13 – The Malaysian economy expanded by 4.3 per cent in the third quarter of 2016 on continued private sector spending and additional support from net exports as well as growth in major economic sectors.

This is in comparison to the 4 per cent growth in the second quarter this year and 4.7 per cent quarter-to-quarter in 2015.

Bank Negara Malaysia (BNM) governor Datuk Muhammad Ibrahim said the domestic demand grew at a more moderate pace as the sustained growth in private sector activity was more than offset by the slower growth in public spending.

“Private consumption grew by 6.4 per cent on continued wage and employment growth and minimum wage increase effective July 1.

“Private investment registered a growth of 4.7 per cent in the third quarter supported by continued capital spending in the services and manufacturing sectors.

“As of October 31, the reserved position amounted to USD 97.8 billion (RM405.5 billion), remaining ample to facilitate international transactions and sufficient to finance 8.4 months of retained imports,” he told a press conference held yesterday.

He added that the Monetary Policy Committee (MPC) will so far be kept unchanged at 3 per cent since July 2016 until the next meeting on November 22.