KUALA LUMPUR - Malaysia's economy expanded moderately by 4.9 per cent in the second quarter (Q2) of 2015 as compared with 5.6 per cent in the first quarter (Q1), driven mainly by private sector demand.
Malaysia is on the same page with the global economy, which also saw a moderate pace expansion, Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz said.
"The global economy expanded at a moderate pace in the second quarter of 2015. Growth in most Asian economies moderated in the second quarter. Domestic demand continued to support growth in an environment of weak exports," she said.
The Malaysian economy is expected to remain on a steady growth path, with domestic demand continuing to be the key driver of growth, the Governor said at a press conference held to announce the Q2 growth here today.
"Private consumption is expected to continue to adjust to the introduction of the Goods and Services Tax (GST), although wage growth and stable labour market conditions would provide support to household spending," she said.
In Q2, private consumption expanded at a more moderate rate of 6.4 per cent as compared with 8.8 per cent in Q1 as households adjusted to the GST.