- Economy grows 5.6% y/y in first quarter; median estimate 4.8%
- Private sector consumption rises 6.6% from a year earlier
Malaysia’s economy grew at the fastest pace in two years last quarter, lifted by an export recovery and stronger private consumption and investment.
Gross domestic product rose 5.6 percent from a year earlier, Bank Negara Malaysia said in a statement Friday. Growth was 4.5 percent in the fourth quarter
The median estimate of 22 economists surveyed by Bloomberg was 4.8 percent
Compared with the previous quarter, GDP rose 1.8 percent versus the 1.2 percent economists had forecast
Malaysia’s economy is picking up speed, driven by household spending and a recovery in exports that’s helped by higher oil prices. The central bank forecast growth of as much as 4.8 percent this year from 4.2 percent in 2016.
Bank Negara Malaysia last week kept interest rates unchanged and said the growth momentum will be sustained this year. While there are risks including rapid credit growth among households and companies and rising prices, the ringgit has rebounded and foreigners are returning to the bond market.