KUALA LUMPUR (Aug 13): Malaysia’s second quarter (2Q15) economic growth slowed to 4.9% from a year earlier on lower exports and as domestic consumption expanded at a weaker pace.
In a statement today, the Statistics Department said the country’s 2Q15 economic growth as measured by its gross domestic product (GDP), slowed from 5.6% in 1Q15.
“(2Q15) Exports dropped further to negative 3.7% reflected by the subdued performance in exports of goods and services. Meanwhile, imports also posted a negative growth of 2.8% due to a contraction in imports of goods.
“Private final consumption expenditure grew at 6.4% (Q12015: 8.8%). The growth was driven by the consumption on food and beverages, housing and utilities, communication and transportation,” the department said.
Cumulative 1H15 GDP growth also slowed to 5.3% from a year earlier. In 1H14, GDP expanded 6.4%. In quarterly terms, 2Q15 GDP rose 1.1% from the preceding quarter.
On the supply side, the department said the services and manufacturing sectors grew 5% and 4.2% respectively from a year earlier.
The mining and quarrying industry expanded 6%.
“Mining and quarrying sector, which accounted for 9.1% of Malaysia’s economy, moderated to 6.0% (Q1 2015: 9.6%). The slower growth in this quarter was influenced by the decline in production of natural gas and moderation in production of crude oil,” the department said.