Malaysian economy grows 5.9 pct in Q4 2017

KUALA LUMPUR, Feb. 14 (Xinhua) -- Malaysia's economy recorded a slower growth of 5.9 percent in the fourth quarter of 2017, according to the statistics released on Wednesday.

The growth pace of 5.9 percent is slower than the 6.2 percent recorded in the 3rd quarter of 2017 which was the strongest growth since the second quarter of 2014. But the 5.9 percent of growth still beat market expectation slightly.

On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 0.9 percent, said Bank Negara, Malaysia's central bank.

"Private sector demand continued to be the primary driver of growth, with further support from the external sector. From the supply side, all economic sectors continued to expand, except for the mining sector," the central bank said.

For the year of 2017, the economy recorded a growth of 5.9 percent compared with 4.2 percent in 2016.

The central bank expected Malaysia's economy to remain favorable in 2018, with domestic demand continuing to be the key driver of growth.

"The expected faster expansion in global growth would continue to benefit Malaysia's exports, with positive spillovers to the domestic economic activity. Headline inflation is expected to moderate in 2018, reflecting a smaller contribution from global cost factors and a stronger ringgit compared to 2017," the central bank said. Enditem