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NEWS UPDATES 21 November 2009

Malaysia: Economic contraction at 1.2% in Q3

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Malaysia’s economy shrank 1.2 percent in the third quarter, an improvement from the previous two quarters as the financial services and construction sectors gained strength, the Associated Press quoted the government as saying Friday.

The year-on-year fall in gross domestic product came amid declines in key sectors such as manufacturing, which dropped 8.6 percent, and mining, which slid 3.5 percent, the Department of Statistics said in a statement.

But it was a more moderate contraction compared with the 6.2 percent drop in the first three months of 2009 and 3.9 percent in the second quarter, the statement said.

The government last month narrowed its forecast for the contraction in the economy this year to 3 percent following stimulus measures totaling 67 billion ringgit ($=3.4 ringgit). It earlier expected the economy to shrink 4 per cent to 5 per cent. For 2010, the government has forecast growth of 2 to 3 percent.


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