Malaysia's GDP expanded 5.6% in first quarter

KUALA LUMPUR: The Malaysian economy grew 5.6% in the first quarter of 2017, mainly driven by higher private expenditure.

Bank Negara Malaysia governor Datuk Muhammad Ibrahim said private consumption was supported by continued expansion in employment and wage growth, while private investment was driven by capital spending in the services and manufacturing sectors.

He said growth prospects continue to be supported by domestic demand and further augmented by higher exports.

"Overall the Malaysian economy is on track to achieve 4.3%-4.8% by the end of the year, " he told a press conference this morning.