Beyond Books, Beyond Worlds, Beyond Your Imagination.
 
HomePortalCalendarFAQSearchMemberlistUsergroupsRegisterLog in

Share | 
 

 M'sia GDP shrinks 1.2%

View previous topic View next topic Go down 
AuthorMessage
Tigris
Admin
Admin
avatar

Posts : 1336
Join date : 2009-10-04
Age : 31

PostSubject: M'sia GDP shrinks 1.2%   Sat Nov 21, 2009 11:27 am

http://www.straitstimes.com/BreakingNews/SEAsia/Story/STIStory_457335.html

KUALA LUMPUR - MALAYSIA'S economy shrank 1.2 per cent in the third quarter, an improvement from the previous two quarters as the financial services and construction sectors gained strength, the government said on Friday.

The year-on-year fall in gross domestic product came amid declines in key sectors such as manufacturing, which dropped 8.6 per cent, and mining, which slid 3.5 per cent, the Department of Statistics said in a statement. But it was a more moderate contraction compared with the 6.2 per cent drop in the first three months of 2009 and 3.9 per cent in the second quarter, the statement said.

The government last month narrowed its forecast for the contraction in the economy this year to 3 per cent following stimulus measures totaling RM67 billion (S$27.3 billion). 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 per cent.

The services sector was the 'main impetus' for the better economic performance, expanding 3.4 per cent in the third quarter due to increasing finance and insurance activities and retail trade, the department said.

The construction sector grew 7.9 per cent, buoyed by stimulus spending on new infrastructure. Exports and imports both continued a downward spiral.

Exports shrank 13.4 per cent amid reduced foreign demand for electrical and electronics products and petroleum goods. Imports contracted 12.9 per cent because of lower purchases of intermediate and capital goods. -- AP

_________________
Back to top Go down
View user profile http://beyondword.forumotion.net
 
M'sia GDP shrinks 1.2%
View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Beyond Words Community :: Worlds on Canvas :: NewsReal :: Asian News-
Jump to: