Despite Malaysia’s real gross domestic product (GDP) having gone up to 4.9 per cent in the second quarter of 2019, the growth in the third quarter accumulated only up to 4.4 per cent, the slowest growth recorded since the third quarter of 2018. In the first three quarters of 2019, the Malaysian economy had an average growth of 4.6 per cent.
The primary contribution to the overall real GDP was a lower growth in domestic demands and exports registered, and a decline in mining and construction activities. On a quarter-to-quarter seasonally adjusted basis, the economy grew by 0.9 per cent.
Construction sector sloped into a negative GDP in the third quarter of 2019, contracting a -1.5 per cent compared to the 0.5 per cent growth during the second quarter of 2019.
The mining sector had a negative growth of -4.3 per cent in the third quarter of 2019 compared to the 2.9 per cent growth in the second quarter of 2019.
“The growth is expected to be within projections in 2019 and the pace has sustained going into 2020. This is underpinned mainly by private sector activity, particularly household spending, which is supported by continued expansion in employment and income,” the Bank Negara Malaysia said in a written statement.
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Source: Bank Negara Malaysia