Malaysia’s economy continued to expand with a growth of 4.5 per cent in the fourth quarter of 2016. On a quarter-on-quarter seasonally adjusted, the GDP grew 1.4 per cent.
On the production side, Services sector remained as the main impetus for economy growth in this quarter. Furthermore, an advancement by Manufacturing and Mining & Quarrying sectors reinforced the overall economic performance. Meanwhile, Private Final Consumption Expenditure and Gross Fixed Capital Formation were the main catalyst on the expenditure side.
For year 2016, Malaysia’s economy grew 4.2 per cent with a value of RM1,107.9 billion at constant and RM1,229.4 billion at current prices.
Table 1: GDP at Constant 2010 Prices
|PERCENTAGE CHANGE FROM CORRESPONDING QUARTER OF PRECEDING YEAR|
|2015||2016||Q3 2015||Q4 2015||Q1 2016||Q2 2016||Q3 2016||Q4 2016|
|Seasonally Adjusted GDP||0.9||1.2||1.0||0.7||1.4||1.4|
GDP by Production Approach
Services sector posted a growth of 5.5 per cent in this quarter. The performance of Services sector was underpinned by Wholesale & Retail Trade (6.2%) and Information & Communication (7.7%). This sector was further supported by Business Services which increased to 8.2 per cent.
Manufacturing sector rose to 4.8 per cent backed by Electrical, Electronic & Optical products (7.5%) and Petroleum, Chemical, Rubber & Plastic products (5.1%). Moreover, Vegetable & Animal Oils & Fats and Food Processing expanded to 6.6 percent mainly driven by palm oil products.
Mining and Quarrying sector registered a growth of 4.9 per cent. The performance of this sector was impelled by the robust growth in the production of natural gas. Nonetheless, the moderation in production of crude oil has offset the overall performance of Mining and Quarrying.
GDP by Expenditure Approach
Private Final Consumption Expenditure (PFCE) grew 6.2 per cent fuelled by the consumption on food & non-alcoholic beverages, communication and housing & utilities.
Gross Fixed Capital Formation (GFCF) increased to 2.4 per cent stimulated by Machinery & Equipment which rose to 2.9 per cent. Meanwhile, Structure moderated to 2.8 per cent in line with the performance of Construction sector. Private sector expanded to 4.9 per cent which led the momentum of GFCF. Meanwhile, Public sector declined to 0.3 per cent.
THE OFFICE OF CHIEF STATISTICIAN MALAYSIA
DEPARTMENT OF STATISTICS, MALAYSIA
16 February 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