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Najib Attributes Strong Fundamentals To Robust 1Q17 Economic Growth



Datuk Seri Najib Tun Razak (Bernama file pix)
KUALA LUMPUR, May 19 (Bernama) -- Prime Minister Datuk Seri Najib Tun Razak said the strong fundamentals built by the government had enabled the country's economy to record a robust growth of 5.6 per cent in the first quarter of this year.

"Alhamdulillah, the strong foundation that we have built enables the country's economy to grow vigorously at the rate of 5.6 perc ent in the first quarter.

"Nevertheless, we will not be complacent but continue to work to ensure that our economy continues to grow from time to time," he said in his latest posting on his Twitter and Facebook, tonight.

Earlier, Bank Negara Malaysia Governor Datuk Seri Muhammad Ibrahim said growth for the just ended quarter was the best since the corresponding quarter of 2015, which saw gross domestic product at 5.8 per cent.

During the 1Q17, domestic demand increased to 7.7 per cent supported by continued expansion in private sector expenditure, which grew by 8.2 per cent and the turnaround in public sector expenditure.

Private consumption rose 6.6 per cent, while investments grew sharply by 12.9 per cent following continued capital spending in the services and manufacturing sectors.

Investments in machinery and equipment were higher during the quarter, supported by the implementation of several large-scale projects in the manufacturing sector.

-- BERNAMA