Malaysia's economy grew 6.4% in Q4, 2012, fastest in 9 quarters

Malaysia's economy grew 6.4% in the fourth quarter of 2012, its fastest in nine quarters since the second quarter of 2010, supported by the manufacturing and construction sectors. The Statistics Department said on Wednesday, for 2012, the economy expanded 5.6% compared with 5.1% in 2011. "The Malaysia's economy expanded at a faster pace of 6.4% as compared to 5.3 per cent in the preceding quarter. All sectors registered positive growth with the services, manufacturing and construction sectors continued to be the key drivers in the supply side," it said. Economists polled by Reuters had forecast Q4, 2012 growth would accelerate to 5.5% from 5.2% in the previous three-month period, and had seen full-year growth at 5.3%. The department said in Q4 2012, the agriculture sector recorded growth of 5.6% but at a slower pace from the 6.9% a year ago. However, its growth was much stronger when compared with the Q3 2012 growth of 0.5%. Note: Q4, 2011 and Q3, 2012 are in parentheses. The mining and quarrying sector rebounded to expand 4.3% (Q4 2011: -3.8%; Q3 2012: -1.2%). The construction sector maintained its strong growth of 18.1% (Q4 2011: 18.3%; Q3 2012: 7.5%). The manufacturing sector registered growth of 5.8% (Q4 2011: 5.2%; Q3 2012: 3.3%). The services sector continued to expand strongly, albeit slower, at 6.3% (Q4 2011: 6.6%; Q3 2012: 7.0%). The department said final consumption expenditure eased to 4.8% against 7.3% in the last quarter. Private final consumption expenditure grew to 6.1% that was largely reinforced by food & beverages, housing & utilities, communication and transport services. Government final consumption expenditure moderated to 1.1% from 2.3% in the third quarter of 2012. The milder growth was due to the contraction in expenditure on supply and services. "After registering 8.9% annual growth in 2011, the final consumption expenditure eased slightly to 7.1% this year (2012)," it said. Source: The Star