Kuala Lumpur, Malaysia (4E) – The Malaysian economy grew in the second quarter due to stronger exports and higher private-sector activity, amid moderating domestic demand.
Gross domestic product (GDP) accelerated 6.4 percent in the second quarter from the previous year, compared with the median forecast by 15 economists surveyed by The Wall Street Journal for a 5.8 percent rise.
In seasonally adjusted terms, the economy grew 1.8 percent from the first quarter, according to the nation’s central bank on Friday. The data are still provisional and may be revised.
The Southeast Asian economy expanded 6.2 percent on year in the first three months of 2014.
The economy benefited from gains in the manufacturing and services sectors. Meanwhile, investment and private-sector consumption slowed, while activities from the public sector declined.
Full-year growth is expected to surpass earlier forecasts of between 4.5 percent and 5.5 percent in 2014, according to Bank Negara Malaysia Governor Zeti Akhtar Aziz. The central bank will release its revised forecast following the budget presentation of the government in October.