Malaysian economy expands by 5.6% in third quarter

The Malaysian economy expanded by 5.6 per cent in the third quarter supported by private sector demand and continued growth in exports of goods and services, dpa quoted the government as saying Friday.
The Department of Statistics Malaysia said the third quarter growth was higher than the 5.0 per cent registered for the same period last year, but slower than the 6.5 per cent growth recorded in the previous quarter.
The office said that for the first three-quarters of 2014, the gross domestic product grew by 6.1 per cent compared to 4.6 per cent for the same period last year.
'Private sector activity remained the key driver of growth during the quarter,' the country's central bank, Bank Negara Malaysia, said in a statement. 'Private consumption registered a growth of 6.7 per cent in the third quarter supported by stable labour market conditions and continued wage growth.'
'On the supply side, positive growth was experienced across all economic sectors in the third quarter,' the bank said. 'The services sector recorded sustained growth, supported mainly by the consumption- and production-related services sub-sectors.'
Bank Negara Malaysia said the country's economy is expected to remain on a steady growth path in the last quarter of the year. The government forecast the economy to grow between 5.5 per cent and 6.0 per cent this year.