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MoF: Malaysia on track to achieve 2019 GDP growth target

KUALA LUMPUR (Aug 1): Malaysia is on track to achieve its gross domestic product (GDP) growth target at between 4.3% and 4.8% for 2019 after the economy expanded 4.5% in the first quarter (1Q19) from year earlier.

Deputy Finance Minister Datuk Amiruddin Hamzah said here today the nation's 1Q19 GDP growth is deemed good given the current global economic landscape.

Amiruddin was speaking to reporters here today at the Lee Hishamuddin Allen & Gledhill Tax, SST & Customs Seminar.

Amiruddin said this today after Bank Negara Malaysia (BNM) indicated in May this year that the country's economy is expected to remain on a steady growth path.

On May 16, BNM said in a statement that private sector demand is expected to remain the anchor of growth amid lower public sector spending. The central bank said the external sector is likely to grow marginally in tandem with modest global demand.

"Overall, the baseline projection is for the Malaysian economy to grow between 4.3% [and] 4.8% for the year," it said.

BNM is scheduled to announce Malaysia's 2Q19 GDP numbers this Aug 16, according to the central bank's website.

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