Malaysia’s economy grew by 5.6 per cent last year compared to the 5.1 per cent in 2011, said Bank Negara Malaysia. The central bank said despite the challenging global economic environment, the country’s economy recorded a higher growth of 6.4 per cent in the fourth quarter of last year.
Total investments remained robust and were the main growth driver during the quarter, it said in a statement Wednesday.
Bank Negara said private consumption growth continued to remain strong although the pace of increase moderated.
The growth during the quarter also benefited from a significantly lower negative contribution from net exports.
On the supply side, most economic sectors recorded improvements in growth during the quarter.
Domestic demand continued to expand at the pace of 7.5 per cent with gross fixed capital formation remaining strong, registering double-digit growth of 15 per cent in the fourth quarter.
Private sector investment advanced by 20.2 per cent, supported by capital spending in the domestic-oriented manufacturing and consumer-related services sub-sectors, namely, telecommunications, real estate, aviation and the on-going implementation of projects in the oil and gas sector.