ID :
48077
Fri, 02/27/2009 - 22:07
Auther :
Shortlink :
https://oananews.org//node/48077
The shortlink copeid
GDP GROWS BY 0.1 PCT IN Q4 FROM 4.7 PCT IN Q3, 2008 4.6 PCT
KUALA LUMPUR, Feb 27 (Bernama) -- Malaysia's gross domestic product grew by just 0.1 percent in the fourth quarter of last year from 4.7 percent in the third quarter, clearly reflecting the spillover effects of the worsening global economic conditions.
For the year, growth moderated to 4.6 percent from 6.3 percent in 2007, the
Statistics Department and Central Bank of Malaysia announced in separate
statements Friday.
The manufacturing sector contracted by 8.8 percent after having recorded
positive growths for the past 26 quarters while construction contracted by 1.6
percent from a 1.2 percent growth.
On an encouraging note, the services and agriculture sectors continued to
post positive growths, with services expanding moderately to 5.6 percent from
7.1 percent while agriculture grew by 0.5 percent from 3.0 percent.
Services continued to remain as the main contributor to growth on the supply
side while both private final consumption and government final consumption
contributed to the growth on the demand side.
Mining and quarrying contracted by 5.7 percent from a marginal growth of 0.3
percent in the previous quarter due to the decline in crude palm oil production
by 6.1 percent, natural gas by 5.5 percent and condensate by 3.4 percent.
In 2008, the sector declined by 0.8 percent.
Central Bank of Malaysia said growth in private consumption moderated to 5.3
percent (Q3:8.1 percent) as spending activity was constrained by higher
retrenchments in the manufacturing sector, reduction in smallholder income
arising from the significant decline in commodity prices and lower consumer
confidence.
Public consumption, however, increased strongly by 13.8 percent (Q3: 6.9
percent), underpinned by higher expenditure on emoluments and supplies and
services.
Subdued investment activity led to a negative growth in gross fixed capital
formation (-10.2 percent; Q3: 3.1 percent) in the fourth quarter.
The central bank said inflation moderated to 5.9 percent in the fourth
quarter of 2008 (Q3: 8.4 percent) due mainly to a series of downward
adjustments of retail fuel prices by the government.
"The downward trend in inflation is expected to continue in 2009," the
central bank said.
Slowing economic growth is expected to contain both supply and demand
pressures and rein in domestic price increases. This trend is confirmed by the
numbers for January 2009 during which inflation moderated to 3.9 percent, the
central bank said said.
The marginal growth in agriculture was supported by livestock (+7.9
percent), fishing (+5.0 percent), other agriculture (+4.5 percent) and oil palm
(+3.9 percent).
However, the rubber sub-sector dipped further by 27.4 percent after
sliding 5.7 percent in the previous quarter.
Similarly, the forestry and logging sub-sector declined 7.2 percent compared
with a 3.9 percent drop a quarter ago.
Last year, the agriculture sector expanded by 3.8 percent after recording
2.2 percent in the previous year, with growth for the year strongly supported
by the double-digit growth of oil palm (+12.2 percent).
Providing details on manufacturing, the department said the 8.8 percent
contraction was due to the decline in the sub-sectors of electrical and
electronic (-18.8 percent), non-metallic mineral products, basic metal and
fabricated metal (-12.9 percent) and petroleum, chemical, rubber and plastic
products (-6.2 percent).
Falling external demand caused the double-digit decline in the electrical
and
electronic sub-sector while the non-metallic mineral products, basic metal and
fabricated metal sub-sector also performed poorly to register a negative growth
in line with the construction sector.
However, the transport equipment and other manufactures continued to
register a double-digit growth of 11.3 percent in the current quarter.
The annual growth for the manufacturing sector only grew 1.3 percent after
rising 3.1 percent in the previous year.
The construction sector saw a 1.6 percent contraction in the fourth quarter,
thus reversing the 1.2 percent growth recorded in the previous quarter.
This negative growth was due to the 3.5 percent contraction in the civil
engineering sub-sector.
Nevertheless, residential and non-residential sub-sectors posted small
growths of 0.7 percent and 0.4 percent, respectively. For the whole year, this
sector continued to post a positive growth of 2.1 percent following
4.6 percent expansion for 2007.
As for wholesale and retail trade sub-sectors, the largest component of the
services sector, it slowed down from 9.4 percent to 5.9 percent in this quarter
while the finance and insurance sub-sector continued to grow albeit moderately
at 3.5 percent from 10 percent growth a quarter ago.
-- BERNAMA
For the year, growth moderated to 4.6 percent from 6.3 percent in 2007, the
Statistics Department and Central Bank of Malaysia announced in separate
statements Friday.
The manufacturing sector contracted by 8.8 percent after having recorded
positive growths for the past 26 quarters while construction contracted by 1.6
percent from a 1.2 percent growth.
On an encouraging note, the services and agriculture sectors continued to
post positive growths, with services expanding moderately to 5.6 percent from
7.1 percent while agriculture grew by 0.5 percent from 3.0 percent.
Services continued to remain as the main contributor to growth on the supply
side while both private final consumption and government final consumption
contributed to the growth on the demand side.
Mining and quarrying contracted by 5.7 percent from a marginal growth of 0.3
percent in the previous quarter due to the decline in crude palm oil production
by 6.1 percent, natural gas by 5.5 percent and condensate by 3.4 percent.
In 2008, the sector declined by 0.8 percent.
Central Bank of Malaysia said growth in private consumption moderated to 5.3
percent (Q3:8.1 percent) as spending activity was constrained by higher
retrenchments in the manufacturing sector, reduction in smallholder income
arising from the significant decline in commodity prices and lower consumer
confidence.
Public consumption, however, increased strongly by 13.8 percent (Q3: 6.9
percent), underpinned by higher expenditure on emoluments and supplies and
services.
Subdued investment activity led to a negative growth in gross fixed capital
formation (-10.2 percent; Q3: 3.1 percent) in the fourth quarter.
The central bank said inflation moderated to 5.9 percent in the fourth
quarter of 2008 (Q3: 8.4 percent) due mainly to a series of downward
adjustments of retail fuel prices by the government.
"The downward trend in inflation is expected to continue in 2009," the
central bank said.
Slowing economic growth is expected to contain both supply and demand
pressures and rein in domestic price increases. This trend is confirmed by the
numbers for January 2009 during which inflation moderated to 3.9 percent, the
central bank said said.
The marginal growth in agriculture was supported by livestock (+7.9
percent), fishing (+5.0 percent), other agriculture (+4.5 percent) and oil palm
(+3.9 percent).
However, the rubber sub-sector dipped further by 27.4 percent after
sliding 5.7 percent in the previous quarter.
Similarly, the forestry and logging sub-sector declined 7.2 percent compared
with a 3.9 percent drop a quarter ago.
Last year, the agriculture sector expanded by 3.8 percent after recording
2.2 percent in the previous year, with growth for the year strongly supported
by the double-digit growth of oil palm (+12.2 percent).
Providing details on manufacturing, the department said the 8.8 percent
contraction was due to the decline in the sub-sectors of electrical and
electronic (-18.8 percent), non-metallic mineral products, basic metal and
fabricated metal (-12.9 percent) and petroleum, chemical, rubber and plastic
products (-6.2 percent).
Falling external demand caused the double-digit decline in the electrical
and
electronic sub-sector while the non-metallic mineral products, basic metal and
fabricated metal sub-sector also performed poorly to register a negative growth
in line with the construction sector.
However, the transport equipment and other manufactures continued to
register a double-digit growth of 11.3 percent in the current quarter.
The annual growth for the manufacturing sector only grew 1.3 percent after
rising 3.1 percent in the previous year.
The construction sector saw a 1.6 percent contraction in the fourth quarter,
thus reversing the 1.2 percent growth recorded in the previous quarter.
This negative growth was due to the 3.5 percent contraction in the civil
engineering sub-sector.
Nevertheless, residential and non-residential sub-sectors posted small
growths of 0.7 percent and 0.4 percent, respectively. For the whole year, this
sector continued to post a positive growth of 2.1 percent following
4.6 percent expansion for 2007.
As for wholesale and retail trade sub-sectors, the largest component of the
services sector, it slowed down from 9.4 percent to 5.9 percent in this quarter
while the finance and insurance sub-sector continued to grow albeit moderately
at 3.5 percent from 10 percent growth a quarter ago.
-- BERNAMA
