Kuala Lumpur: Malaysia’s economy grew faster than economists forecast in the second quarter, fueled by stronger consumer spending and a pick-up in manufacturing.
Gross domestic product rose 5.8 percent from a year earlier, after climbing 5.6 percent in the first quarter, Bank Negara Malaysia said on Friday
The median estimate of 26 economists surveyed by Bloomberg was 5.4 percent.
GDP rose a seasonally adjusted 1.3 percent from the previous three months.
Malaysia’s economy is gaining momentum as it grows at the fastest pace in more than two years. The global trade recovery has spurred exports, with Malaysia outperforming its peers in the region as earlier weakness in the currency helped to keep its manufacturing industry competitive. The World Bank raised the nation’s growth forecast in June by the most in East Asia, projecting 4.9 percent expansion this year.
Consumer spending surged 7.1 percent in the second quarter from a year earlier.
