KUALA LUMPUR: Malaysia’s economic growth slowed to 4.4% in the third quarter (Q3) of the year, from the 4.9% registered in Q2.
Speaking at a media briefing this morning, Bank Negara Malaysia governor Datuk Nor Shamsiah Mohd Yunus said growth remained anchored by continued expandion in private sector spending.
“This was mostly due to a lower growth in key sectors and a decline in the mining and construction activities,“ Department of Statistics Malaysia chief statistician Datuk Seri Mohd Uzir Mahidin explained.
Nor Shamsiah noted however, that over the first nine months of the year, the economy had registered an overall growth of 4.6%.
In addressing a question of the ability of the economy to meet the government’s headline GDP projection of 4.7%, Nor Shamsiah said the economy would have to post a 4.8% growth in Q4 to meet that projection.
“This remains within the range of the bank’s forecast range of 4.3%-4.8%.
“If there is clarity on the resolution of the trade war, then an element of uncertainty will be removed, but growth is expected to remain positive in Q4 and will sustain in 2020,“ she said.
Meanwhile, for the quarter, headline inflation increased to 1.3%, from 0.7% in Q2, reflecting the lapse in the impact from the Goods and Services Tax zerorisation between June and August 2018.
