Malaysia backs services to boost GDP growth

Services sector contributed 6% to Malaysia's Gross Domestic Product (GDP) which was 6.4% at the end of the second quarter, according to Bank Negara Malaysia data.
Deputy Finance Minister Datuk Ahmad Maslan hoped the sector would contribute more to the country's economy, a Bernama news agency report said today.
The government supports entrepreneurs keen to start business, particularly in the services sector, by providing various loan schemes, he said.
Malaysia's GDP growth for the quarter had beaten most countries in the Asean region, including Singapore at 2.1%, while surpassing that of South Korea (3.6%), the United States (2.4%), the United Kingdom (3.1%) and Russia (1.2%). Only China at 7.5 %t beat Malaysia," Ahmad said.
The construction sector was the main contributor to Malaysia's GDP with 9.9%, followed by manufacturing (7.3%), agriculture (7.1%), private consumption (6.5%) and petroleum and mining (2.1%).
Ahmad said the strong growth was the result of good management of the economy in the midst of the uncertainty in the global environment, as well as Malaysia's political stability.
"The growth was not just focused on the management of the country's expenditure but also the macro and micro economy, imports and exports, fiscal and monetary policies, alongside domestic and foreign investments," he added.