Malaysia’s economic growth slows to 4% in Q2
Kuala Lumpur : Malaysia’s economic growth eased at 4% for the April-June quarter 2016 compared with 4.2% in the first quarter.
According to the central bank, attributing the slowdown to a decline in exports amid subdued global demand. The economy grew 4.0 percent year-on-year in the April to June period, compared with 4.2 percent in the first quarter and 4.9 percent in the second quarter of 2015.
It is Malaysia’s slowest rate of expansion since a 1.1 percent contraction in the third quarter of 2009 during the global financial crisis.
“Despite the stronger expansion in domestic demand, growth is weighed down by the continued decline in net exports,” Bank Negara said.
Energy-exporting Malaysia has the third-largest economy in Southeast Asia, but has been grappling with falling oil prices and weak overseas demand denting revenues and putting severe pressure on the ringgit.
Source : Online