In the first quarter of 2017, Malaysia’s economy remained resilient at 5.6 per cent (Q4 2016: 4.5%). On a quarter-on-quarter seasonally adjusted, the GDP for this quarter grew at 1.8 per cent.
All sectors on the production side posted a favourable growth except for Mining and Quarrying sector. Services, Manufacturing and Agriculture were the major drivers of the economy.
On the expenditure side, Private Final Consumption Expenditure and Gross Fixed Capital Formation were the main catalyst for the growth.
|PERCENTAGE CHANGE FROM CORRESPONDING QUARTER OF PRECEDING YEAR|
|2015||2016||Q1 2016||Q2 2016||Q3 2016||Q4 2016||Q1 2017|
|PERCENTAGE CHANGE FROM PRECEDING QUARTER|
|Seasonally Adjusted GDP||0.8||1.1||1.4||1.3||1.8|
GDP by Production Approach
Services sector recorded a steady growth of 5.8 per cent in this quarter (Q4 2016: 5.5%) mainly led by Wholesale & Retail Trade which expanded to 6.3 per cent and Information & Communication remained sound by posting a growth of 8.2 per cent. Furthermore, Business Services grew at 8.4 per cent due to a favourable momentum in Professional activities.
Manufacturing sector rose to 5.6 per cent, a faster pace than 4.7 per cent in the previous quarter which was spearheaded by Electrical, Electronic & Optical Products (7.9%), mainly in production of printed circuit boards and semiconductors. This sector performance was further supported by Petroleum, Chemical, Rubber & Plastic Products (3.1%) and Vegetable and Animal Oils & Fats and Food Processing (8.2%).
Agriculture sector rebounded to a sturdy growth of 8.3 per cent on a year-on-year basis after posting a negative growth of 2.5 per cent in the previous quarter. The turnaround of Agriculture sector was impelled by Oil Palm which accelerated to a double-digit growth of 17.7 per cent (Q4 2016: -7.2%) following a higher yield of fresh fruit bunches in this quarter. The growth was also supported by Rubber at 23.5 per cent (Q4 2016: 1.1%) due to a higher price and production. Nevertheless, Forestry & Logging and Marine Fishing declined to negative 11.1 per cent and 4.1 per cent respectively.
GDP by Expenditure Approach
Private Final Consumption Expenditure grew 6.6 per cent (Q4 2016: 6.1%) backed by the consumption on Food & Non-Alcoholic Beverages, Communication and Housing, Water, Electricity, Gas & Other Fuels.
Gross Fixed Capital Formation (GFCF) soared to 10.0 per cent from 2.4 per cent in the previous quarter. The better growth in GFCF was stimulated by Machinery & Equipment which rose to 21.8 per cent from 2.9 per cent in the fourth quarter of 2016. Meanwhile, Structure and Other Asset grew at 3.8 per cent and 1.4 per cent, respectively.
Exports rose at 9.8 per cent in this quarter. The favourable growth was reflected by the strong performance in the exports of goods. Imports escalated to 12.9 per cent (Q4 2016: 1.6%) due to an increased in imports of goods while services declined in this quarter.
DR. MOHD UZIR MAHIDIN
CHIEF STATISTICIAN MALAYSIA
DEPARTMENT OF STATISTICS, MALAYSIA
19 May 2017
Ho Mei Kei
Public Relation Officer
Corporate and User Services Division
Department of Statistics, Malaysia
Tel : +603-8885 7942
Fax : +603-8888 9248
Email : mkho[at]stats.gov.my