Malaysia GDP Growth Rises As Estimated

(RTTNews) - Malaysia's economic growth accelerated, as estimated, in the third quarter, driven by household spending and tourism-related activities, the Department of Statistics reported Friday.

Gross domestic product expanded 5.2 percent year-on-year in the third quarter after rising 4.4 percent a quarter ago. The rate came in line with the estimate published on October 17.

On a quarterly basis, GDP growth rose to 2.4 percent from 2.2 percent in the preceding period.

On the production-side, the services sector was the main driver of annual growth. Manufacturing, agriculture, mining and quarrying and construction also supported economic growth.

The expenditure-side breakdown showed that final consumption expenditure advanced 5.4 percent. Private spending moved up 5.0 percent and government spending rose 7.1 percent. Gross fixed capital formation expanded 7.4 percent.

Exports posted a growth of 1.4 percent, while imports registered only a marginal growth of 0.4 percent.

Another data showed that the current account surplus increased sharply to MYR 12.2 billion in the third quarter from MYR 0.3 billion in the previous quarter.