The country recorded GDP growth of 5.6 per cent in the first quarter (Q1) of 2015 before slowing down to 4.9 per cent in Q2 and 4.7 per cent in Q3.
A statement from the Statistics Department said Malaysia’s economy grew 5.0 per cent last year with a value-add of RM1,062.6 billion at constant prices and RM1,156.9 billion at current prices.
Meanwhile, Bank Negara Malaysia (BNM) in a statement, said the Q4 growth was supported mainly by private sector demand, while on the supply side, it was underpinned by the major economic sectors.
On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 1.5 per cent as compared to 0.7 per cent in the previous quarter.
Despite the challenging economic environment during the quarter, BNM said the private sector continued to be the key driver of growth.
Private consumption grew by 4.9 per cent in Q4 as against 4.1 per cent in Q3, supported by stable wage growth and labour market conditions.
Private investment in turn expanded by 5.0 per cent against 5.5 per cent in Q3, driven by capital spending in the manufacturing and services sectors.
Public investment however, moderated at 0.4 per cent from 1.8 per cent in Q3, following lower growth in fixed assets spending by the federal government.
Public consumption sustained growth at 3.3 per cent from 3.5 per cent in Q3 as the stronger growth in emoluments was offset by slower growth in supplies and services expenditure.
On the supply side, growth of the services sector in Q4 was marginally higher, underpinned by the consumption-and trade-related activities, mainly by domestic-oriented industries, while that of construction was supported by the civil engineering and residential sub-sectors.
Meanwhile, moderate growth was recorded in the agriculture sector in Q4 due to the lower production of palm oil, while the mining sector registered a contraction arising from the lower production of both crude oil and natural gas.
– BERNAMA