The Malaysian economy grew 4.4 percent in the third quarter of 2019 , moderately lower compared with the 4.9 percent growth recorded in Q2 2019, says Bank Negara Malaysia .BNM Governor Nor Shamsiah Mohd Yunus attributed the lower GDP performance to the lower growth in key sectors such as services, manufacturing and agriculture as well as a decline in mining and construction activities.
The lower growth in the manufacturing sector was due to slower growth in electrical and electronics which was affected by weaker global demand. Meanwhile, the mining sector contracted by 4.3 percent , mainly due to maintenance works that affected oil production. Private consumption grew by 7.0 percent in Q3 2019 as household spending normalised towards its long-term trend, partly reflecting strong base effects from the tax holiday spending last year, while public consumption spending increased by one percent compared with 0.3 percent in Q2 2019.
She added that household spending would remain as the key driver for growth, supported by continued employment and income growth.