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NEWS UPDATES Asean Affairs             21  July 2011

Malaysia’s GDP growth rate may be lowered

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The Malaysian Rating Corp Bhd (MARC) may revise its gross domestic product (GDP) growth target of 5.3 percent for the country this year downward.

“The GDP growth number we are looking at, for the second quarter of 2011, is between 3.5 percent and 4 percent. If that materialises, then the overall picture for this year is not as robust as I initially thought it would be. But we should still have a GDP growth of 4 percent to 5 percent (for the full year),” MARC chief economist Nor Zahidi Alias said on the sidelines of the company's 2011 CEO Breakfast Forum yesterday.

For the first quarter of 2011, Malaysia recorded a GDP growth of 4.6 percent.

To recap, in May this year, Malaysia's exports grew by 5.4 percent year-on-year to RM55.1bil, while imports rose by 5.6 percent to RM 46.6 billion, according to a recent Statistics Department statement.

However, in May, both exports and imports declined month-on-month by 4.7 percent and 0.4 percent respectively.

Also, the sales value of the manufacturing sector in May this year decreased by 3.7 percent month-on-month although it posted a year-on-year growth of 8 percent to RM47.8bil.

Meanwhile, the Industrial Production Index (IPI) in May decreased by 5.1 percent year-on-year.

Guest speakers at the forum, which was moderated by MARC chief executive officer Mohd Razlan Mohamed, were Malaysian Industrial Development Authority (Mida) chairman Tan Sri Dr. Sulaiman Mahbob and Institute of Strategic and International Studies (ISIS) senior analyst Dr Muhammed Abdul Khalid.


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