World Bulletin / News Desk
Malaysia's economy grew at its fastest pace in two years during the first quarter, the central bank said Friday, boosted by stronger domestic demand and a pick-up in exports.
The result -- much better than the 4.8 percent forecast in a survey by Bloomberg News -- marks the third consecutive quarter of improving growth and is the fastest since the start of 2015.
"It's a lot stronger than expected and it was partly due to a rebound in exports and commodity prices," said Song Seng Wun, an economist at CIMB Private Banking.
Bank Negara said growth would be sustained this year as the global economy showed signs of improvement, while domestic demand remained healthy.
"The economy is on track to register higher growth in 2017," Bank Negara said via a statement.
"Domestic demand is projected to continue to expand. Exports are expected to benefit from the improvement in global growth."
The figures come after export-reliant Malaysia recovers from years of falling oil prices and weak overseas demand.
The economy is forecast to grow 4.3-4.8 percent this year but Bank Negara said in March that rising protectionism remains a risk.
Growth hit 4.2 percent last year, slowing from 5.0 percent in 2015 and 6.0 percent in 2014.
BIST 100 index rises 0.44 pct while US dollar/Turkish lira rate falls to 3.49
The day before, the dollar had rallied against both main rivals and the Dow reached a fresh record high after the US central bank kept alive the chance of a December increase in American borrowing costs.
Monthly index sees decline of 3.4 pct, according to Turkish Statistical Institute
BIST 100 index decreases 0.31 pct while US dollar/Turkish lira rate rose to 3.51
Frankfurt equities sagged despite a rally for shares in German heavy industry giant ThyssenKrupp, which announced a deal with Indian group Tata to merge their steel operations in Europe.
BIST 100 index drops 0.02 pct while US dollar/Turkish lira rate stands over 3.48
The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
BIST 100 index rises slightly 0.09 pct while US dollar/Turkish lira rate falls to 3.43
BIST 100 index rises 0.10 pct while US dollar/Turkish lira rate stands around 3.46
Borsa Istanbul's BIST 100 index goes down 0.89 pct at close, USD/TRY rate stands around at 3.44