Malaysia economy grows at 6.2% in Q1, exceeds forecast

KUALA LUMPUR:  Malaysia's economy grew faster than expected at 6.2% in the first quarter ended March 31, 2014, driven by robust domestic demand and strong recovery in net exports.
A consensus estimate based on a Bloomberg poll of 22 economists had expected the country's gross domestic product (GDP) to expand 5.7% for the first quarter, compared with a growth of 5.1% in the last three months of 2013.
"All sectors in the economy except mining registered strong growth," Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said.
In the first quarter, the services sector grew 6.6%, while the manufacturing sector, supported by strong performance in export oriented industries, grew 6.8%.
The agriculture sector grew 2.3%, while construction sector grew 18.9%, driven by the residential sub-sector. The mining sector shrank 0.8% due to lower crude oil output.