Malaysia's Growth Slows in 1st Quarter

Weak manufacturing and mining impeded Malaysia's growth in the first quarter which grew a solid but slower than expected 4.1 percent, according to the central bank.

 

The numbers came on the heels of a 2012 fourth quarter in which Southeast Asia’s third-largest economy expanded by a surprising 6.4 percent, its best showing in more than two years. Full-year 2012 growth was 5.6 percent.

 

Meanwhile, more domestically driven sectors like services and construction showed solid growth.

 

“Growth will continue to be driven by domestic demand,” says central bank governor Zeti Akhtar Aziz. Domestic demand grew 8.2 percent in January-March compared with a year earlier.

 

 

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