Malaysia’s economy grew stronger; #GDP surged by 6.2 per cent.

Malaysia: The economy surged by 6.2 per cent in the third quarter and is on track to meet the growth projections for 2017 said Bank Negara Malaysia governor Tan Sri Muhammad Ibrahim.

The stellar quarterly growth was last seen in the second quarter of 2014.

The latest growth number came on the back of robust private sector spending and continued strength in exports.

"Given the continued strong growth, the economy is on track to register the upper end of 5.2 -5.7 per cent growth projection this year, "he told a media briefing this morning.

The first three quarters recorded an average 5.9 per cent year-on-year growth, he said.

Growth prospects continue to be supported by new and ongoing implementation of infrastucture projects and improvement in growth of Malaysia's key trading partners.

The robust growth in the third quarter stemmed from expansion across all economic sectors.

On the supply side, services and manufacturing sectors remained the key drivers of growth.

Private consumption expanded by 7.2 per cent and Muhammad attributed it to improving employment conditions and private sector wage growth.

The headline inflation dropped to 3.8 per cent in the third quarter from 4.3 per cent and 4.0 per cent in the first and second quarters respectively.

" It will record between 3 and 4 per cent growth this year, depending on oil prices."

It is expected to lower further in 2018.

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