KUALA LUMPUR: Malaysia’s economy grew 5.6 per cent in the first quarter of the year, faster than expected largely due to stockpiling by households before the April 1 rollout of the Goods and Services Tax (GST).
The central bank said here the other day that private sector consumption grew by 8.8 per cent year-on-year as compared to the 7 per cent averaged across 2014.
“Net exports registered negative growth of 10.2 per cent. This means domestic demand was the main driver of growth,” Bank Negara governor Zeti Akhtar Aziz told reporters.
She said households had spent in advance of the new broad-based consumption tax and spending on relief for victims of floods that devastated the east coast at the end of last year also supported domestic spending.
