From the supply side, services grew by 6.4% such that the sector,
which provides 55% of GDP, made the biggest sector addition to total
growth. Major contributors were wholesale and retail trading and...
financial services. Construction soared by 18.5% as government-led
infrastructure and industrial projects gained momentum. Residential
construction was also buoyant. Manufacturing grew by a relatively
modest 4.8%, weighed down by weakness in global demand for
electronics. Mining rebounded after a contraction in the previous year to
grow by 1.4% in 2012 on higher oil production.
Agriculture, by contrast, had a poor year owing to declines in the
production of rubber because of bad weather and of palm oil that reflected
a steady decline in yield. The agriculture sector grew by just 0.8%.
Fiscal policy stimulated the economy with the cash transfers and
other benefits for consumers and incentives for business expansion.
The government introduced a supplementary budget in June to fund
additional spending, which rose by 9.5% from 2011. High global oil
prices contributed to an 11.8% increase in government revenue. The fiscal
deficit narrowed slightly to 4.5% of GDP in 2012, which was the fifth
consecutive year of deficits above 4% of GDP (Figure 3.26.3). Federal
government debt has increased over the past 5 years from 40.1% of GDP
to 53.5%. Bank Negara, the central bank, kept its policy interest rate at 3.0%
through last year and into 2013 as it balanced buoyant domestic demand
and fiscal stimulus on the one hand against low inflation and a subdued
global outlook on the other. Credit to the private sector picked up to grow
by 12.5% on average in 2012. The weighted average lending interest rate of
commercial banks declined over the year to 4.7%. The Malaysian ringgit
appreciated by 3.9% against the US dollar.
Inflation slowed as prices of food and fuel decelerated in 2012 (Figure 3.26.4).
On a year-average basis, inflation was almost halved
to just 1.7%. Subsidies on fuel, staple foods, and electricity, which cost
the government the equivalent of 4.5% of GDP in 2012, helped to curb inflation.
Source: CEIC Data Company (accessed 20 March 2013) - ( http://www.ceicdata.com/countrydata?country=MY&dataset=Consumer%20Price%20Index%3A%20Y-o-Y%20Growth ) , Asian Development Outlook
database - ( http://www.adb.org/countries/malaysia/main )
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