Agriculture sector makes soaring comeback in 2017

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KUALA LUMPUR: Malaysia’s economy grew by 5.9% in the fourth quarter of 2017, according to Bank Negara Malaysia (BNM) report. 

The rate is higher than most Gross Domestic Product (GDP) growth registered by other ASEAN countries like Indonesia and Singapore. 

At 5.9%, Malaysia’s growth is outpaced only by mega-economy China at 6.8% and the Philippines at 6.6%.

BNM said, private sector demand continues to be the primary driver of growth, with further support from the external sector.

From the supply side, all economic sectors continued to expand, except for the mining sector.

The agriculture sector however, outperformed other sectors, after clocking in a growth rate of 6.8% growth in 2017 from -5.1% in 2016.

On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 0.9% (3Q 2017: 1.8%).

For the year as a whole, the economy recorded a growth of 5.9% (2016: 4.2%).

Headline inflation moderated to 3.5% in 4Q 2017 (3Q 2017: 3.6%) due mainly to lower inflation in the housing, water, electricity and gas and transport categories.

For 2017 as a whole, headline inflation averaged at 3.7% (2016: 2.1%).





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