{"id":6540,"date":"2010-05-06T09:17:13","date_gmt":"2010-05-06T01:17:13","guid":{"rendered":"http:\/\/poobalan.com\/blog\/others\/2010\/05\/06\/2010-1st-quarter-economic-growth-more-than-10-percent\/"},"modified":"2010-05-06T09:17:13","modified_gmt":"2010-05-06T01:17:13","slug":"2010-1st-quarter-economic-growth-more-than-10-percent","status":"publish","type":"post","link":"https:\/\/poobalan.com\/blog\/borninmalaysia\/2010\/05\/06\/2010-1st-quarter-economic-growth-more-than-10-percent\/","title":{"rendered":"2010 1st quarter economic growth more than 10 percent!"},"content":{"rendered":"

A very positive news<\/a> indeed.  Can say economy is picking up, so expect increases in prices soon. BTW, our national imports also increased 45.3% in March, <\/p>\n

The country\u2019s economy is likely to register growth of more than 10% in the first three months of the year \u2013 an achievement not seen in the last 10 years. <\/p>\n

The latest economic indicators show a positive trend. Exports in March grew by 36.4% beating the market forecast of 22.4%. Imports rose by 45.3% (forecasts were around 30%).<\/p>\n

The London-based Financial Times says: \u201cGiven Malaysia\u2019s high exposure to trade, the numbers bode well for first quarter gross domestic product growth\u201d.<\/p>\n

Analysts from major banks, local and international, put the first three months\u2019 growth at between 9.8% and 12% and they expect the trend to continue for the second quarter making it a \u201cvery good first half of the year for Malaysia.\u201d<\/p>\n

As a result, the analysts are also revising upwards their estimates for Malaysia\u2019s GDP growth forecast for the year. Banks are now forecasting the annual GDP to grow by between 8% and 11% as compared to Bank Negara\u2019s earlier estimate of between 4.5% and 5%.<\/p>\n

\u201cGiven the recent developments in both domestic and external conditions, we are confident our 2010 forecast of 8% should be achievable,\u201d said Ambank group chief economist Manokaran Mottain in his Economic update released here yesterday.<\/p>\n

He also noted that besides the surge in exports, there was a marked improvement in private sector spending, especially by households. Big ticket items such as cars have seen increased sales.<\/p>\n

According to the Malaysian Automotive Association, auto sales surged 25% year-on-year in March to 56,139 units, up from 44,896 in the same month last year.<\/p>\n

HSBC Global Research economist Robert Prior-Wandesforde in his report entitled \u201cFrom bust to boom – double-digit GDP growth in Singapore and Malaysia?\u201d noted that the recovery of the economy came three months faster than expected.<\/p>\n

While the Financial Times said, \u201cMalaysia is roaring out of recession even faster than expected\u201d.<\/p>\n

The country\u2019s key economic indicators including the export figures were released on Tuesday.<\/p>\n

Malaysia\u2019s exports recorded a new high for the month of March, amounting to RM59.44bil, registering a significant growth of 36.4% year-on-year. This was also the highest post-crisis monthly exports recorded since September 2008. Imports rose 45.3% to RM45.09bil.<\/p>\n

The increase in exports was largely contributed by increases in exports of electrical and electronic (E&E) products, which surged 31.8%; chemicals and chemical products, (+60.8%); palm oil, (+49.3%); transport equipment, (+188.4%); as well as crude petroleum (+55.8%).<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

A very positive news indeed.  Can say economy is picking up, so expect increases in prices soon. BTW, our national imports also increased 45.3% in March, The country\u2019s economy is likely to register growth of more than 10% in the first three months of the year \u2013 an achievement not seen in the last 10 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[115,104],"class_list":["post-6540","post","type-post","status-publish","format-standard","hentry","category-borninmalaysia","tag-economy","tag-statistics"],"_links":{"self":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/6540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/comments?post=6540"}],"version-history":[{"count":0,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/6540\/revisions"}],"wp:attachment":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/media?parent=6540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/categories?post=6540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/tags?post=6540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}