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Ministry of Finance Malaysia
Malaysian EconomyFirst Quarter 2014
WJD003341 Cover Quartely.indd 1 5/27/14 8:57 PMUntitled-2 1 5/27/14 8:59 PM
Quarterly Updateon the Malaysian Economy – 1st Quarter 2014
❐ Global economy performed better
❐ Malaysian economy recorded strong and broad-based growth
❐ Growth driven by firm domestic demand and improving exports
❐ Growth momentum expected to continue in the 2nd quarter of 2014
Highlights
International Performance
Firmer recovery in advanced economies
Global economic activity strengthened in the first quarter of 2014. Growth in developed economies picked up, particularly in the euro area and Japan while the US recorded moderate growth. The nascent recovery gained strength in the euro area while growth in Japan was supported by strong private consumption and investment. In the US, there has been an upturn in employment and private spending. In emerging markets, although growth was higher on average, there were signs of slowing in China and Indonesia.
The US economy grew at a moderate pace of 2.3% during the first quarter of 2014 (Q4 2013: 2.6%) supported by increases in personal consumption expenditure, particularly in utilities and health care services. Severe winter during the quarter hampered business investment spending and home construction. Housing market indicators such as new home sales, housing starts and building permits weakened as market interest rates rose and residential investment
growth moderated to 2.3% (Q4 2013: 6.9%). On the supply side, the manufacturing sector slowed down as reflected by the lower Institute for Supply Management Index of 52.7 points (Q4 2013: 56.7 points). Similarly, the non-manufactur ing index fe l l to 52.9 points (Q4 2013: 54.1 points). The unemployment rate was lower at 6.7% (Q4 2013: 7%) contributed by strong job creation of non-farm positions, especially in professional and business services, health care, mining and logging. The inflation rate rose 1.4% (Q4 2013: 1.2%) due to increases in shelter and food prices.
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Recovery i n the eu ro a rea ga ined momentum with growth increasing 0.9% dur ing the quar ter (Q4 2013: 0 .5%) . Th is was supported by improvements in domest ic demand, backed by an accommodative monetary policy stance and better financing conditions as well as adjustments in fiscal consolidation and structural reforms. The euro area also benefited from the strong per formance in major economies such as Germany, France, Italy and Spain as well as recovery in the peripheral economies. There were signs of improvements in the labour market with the unemployment rate slightly lower at 11.8% (Q4 2013: 11.9%), while the inflation rate decelerated further to 0.7% (Q4 2013: 0.8%), largerly due to lower energy prices.
Germany registered an accelerated growth rate of 2.3% (Q4 2013: 1.4%) spearheaded by robust domestic consumption and encouraging weather condit ions that improved the performance of the construction sector. In France, GDP growth was sustained at 0.8% (Q4 2013: 0.8%), driven by higher manufacturing output, which grew 1.8% (Q4 2013: 0.9%) resulting from increased investment in the manufacturing sector.
During the quarter, the UK’s economy grew 3.1% (Q4 2013: 2.7%), supported by broad-based expansion in al l sectors. T h e c o n s t r u c t i o n s e c t o r g r e w 5 . 1 % (Q4 2013: 3.4%) buoyed by a surge in house-building activity, while the services sector rose 3% (Q4 2013: 2.5%) due to higher distribution, hotel and restaurant (4.9%) as well as business services and finance (3.6%) output.
Japan’s GDP rose 3% (Q4 2013: 2.5%), largely driven by strong private consumption and increase in business investment. Private consumption expanded 3.5% (Q4 2013: 2.3%), boosted by a rush in purchasing before the sales tax hike in April, the first major rise
since 1997. Business investment surged 8.4% (Q4 2013: 1.1%), partly due to the increase in production to meet the pre-tax-hike demand by consumers. On the other hand, the trade deficit widened as export growth continued to be sluggish at 8.9% (Q4 2013: 7%) against high import growth of goods and services at 15% (Q4 2013: 9.2%).
China’s economy slowed further to 7.4% (Q4 2013: 7.7%) due to the government’s efforts to transform and revital ise the economy to a more sustainable path. Exports contracted 3.5% (Q4 2013: 7.5%) as businesses and factories closed operations during the Lunar New Year celebration. Meanwhile, imports slowed down to 1.6% (Q4 2013: 7.1%) due to high stockpiling of energy products and raw materials. Retail sales grew at a slower pace of 12% (Q4 2013: 13.5%), main ly due to the falling sales of luxury goods as a result of a nationwide campaign to promote a frugal lifestyle. The Purchasing Managers’ Index (PMI) was lower at 50.3 points (Q4 2013: 51.3 points) as overseas demand for Chinese goods weakened. In addition, growth in fixed asset investment dropped to 17.6% (Q4 2013: 20.2%) as investment in real estate slowed. The Consumer Price Index (CPI) moderated to 2.3% (Q4 2013: 2.9%) due to lower food prices, particularly vegetables.
Korea’s GDP rose 3.9% (Q4 2013: 3.7%) on the back of stronger demand for exports and increased construction investment. Exports, which account for about 50% of GDP, grew 4.6% (Q4 2013: 3.2%) supported by the increase in exports of electrical and electronic (E&E) devices and petrochemical products. Likewise, construction investment increased 4.1% (Q4 2013: 5.4%) due to positive growth in residential building construction. P r ivate consumpt ion expanded 2 .6% (Q4 2014: 2.2%), primarily due to the increase in expenditure on durable goods including automobi les. Meanwhi le, the serv ices
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sector grew 3.3% (Q4 2013: 3.4%) while the manufacturing sector posted higher growth of 5.5% (Q4 2013: 4 .5%). The Bank of Korea maintained its key interest rate at 2.5% for the 10th straight month in March 2014, as the economy strengthened and inflation remained at a manageable level.
In the ASEAN region, Indonesia’s GDP expanded at its slowest rate in more than four years at 5.2% (Q4 2013: 5.7%). The slower growth was mainly due to weak external demand and lower prices, particularly for coal and mineral concentrates. Temporary effects of the crude oil export ban policy as well as lower-than-expected government spending have further slowed Indonesia’s economic growth. However, st rong expansion in household consumption and investment continued to support growth during the quarter.
Singapore’s GDP grew at a moderate pace of 5.1% (Q4 2013: 5.5%) as the growth in services industries trended down to 4.7% (Q4 2013: 5.9%). The moderation in growth of the services sector was largely due to slower expansion in the wholesale and retai l trade as well as finance and insurance sectors. However, the manufacturing sector grew 8% (Q4 2013: 7%), buoyed by robust growth in biomedical manufacturing and chemical output. Similarly, the construction sector registered a strong growth of 6.5% (Q4 2013: 4.8%), following expansion in public construction activities.
Malaysian Economy
Strong and broad-based growth
Growth of the Malaysian economy gained traction to record 6.2% during the first quarter of 2014 (Q4 2013: 5.1%) amid improving global economic conditions and strong domestic
activity. This was the highest growth since the fourth quarter of 2012. On the supply side, with the exception of the mining sector, all other sectors posted positive growth. In particular, the manufacturing and trade-related services sectors recorded buoyant growth boosted by improved external demand. The services sector expanded strongly by 6.6% led by the final services group. Meanwhile, manufacturing activity strengthened and grew 6.8% spurred by stronger output of export-oriented industries, particularly the E&E subsector, reflecting improving global market demand. The construction sector accelerated with a growth of 18.9%, on account of robust activity in the residential and special trade subsectors. Growth in the agriculture sector improved to 2.3% following higher production of palm oil and the non-plantation subsector. Meanwhile, the mining sector recorded a marginal decline of 0.8% due to lower production of crude oil.
Domestic demand remains strong
Domestic demand recorded a higher growth of 7.4% in the first quarter of 2014 (Q4 2013: 6.7%), led by the expansion in consumption and private investment. Private consumption remained resilient, growing 7.1% during the quarter (Q4 2013: 7.4%). The positive trend of major consumption indicators, such as imports of consumption goods and loans disbursed for
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consumption purpose, reflected the sustained momentum in household spending. Households’ sentiment was bolstered by the stable labour market conditions and firm commodity prices. Meanwhile, public consumption grew 11.2% (Q4 2013: 5.2%), supported by higher expenditure on emoluments as well as supplies and services.
PRIVATE CONSUMPTION INDICATORS
'000 units '000 units RM million%
Source: Department of Statistics, Malaysia and BNM.
rightscale
‘10 ‘11 ‘12 ‘13 ‘14 ‘10 ‘11 ‘12 ‘13 ‘14
0
10
20
30
40
50
60
70
Passenger car sales
JOJAJOJAJOJAJOJAJ0
10
20
30
40
50
60
70
Motorcycle sales
0
4
8
12
16
20
Credit consumption
JOJAJOJAJOJAJOJAJ0
1,000
2,000
3,000
4,000
5,000
Imports of consumption goodsSales tax
the quarter, as reflected by the improvement in the MIER Business Conditions Index (BCI). The BCI increased to 103.1 points (Q4 2013: 92 points) as a result of rising manufacturing sales and sustained exports and local orders. However, public investment declined further by 6.4% (Q4 2013: -1.4%), due to lower development expenditure of the Federal Government.
Growth in Gross Fixed Capital Formation (GFCF) was steady at 6.3% in the first quarter of 2014 (Q4 2013: 6.5%) on account of higher private investment. Private investment registered a double-digit growth of 14.1% (Q4 2013: 16.6%), spearheaded by manufacturing and services activities. Indicators such as disbursement of banking loans and advances as well as imports of intermediate goods rose during
Services sector expands further
The services sector expanded further by 6.6% in the first quarter of 2014 (Q4 2013: 6.4%) supported by the stronger growth in most subsectors. Growth was led by the final services group at 6.9% (Q4 2013: 7.1%), buoyed by strong activity in the wholesale and retail trade as well as accommodation and restaurant subsectors. Meanwhile, the intermediate services group increased 5.7% (Q4 2013: 4.9%) boosted by the communication as well as real estate and business services subsectors.
The wholesale and retail trade subsector expanded 8.6% (Q4 2013: 8.4%) spurred by the expans ion in both segments a s w e l l a s m o t o r v e h i c l e s . G ro w t h was supported by res i l ient consumer spending in the retail segment which rose 10 .4% (Q4 2013 : 10 .2%) , par t icu la r ly o n g o o d s f r o m s p e c i a l i s e d s t o r e s
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as we l l a s c lo th ing and househo ld appliances. This was reflected in higher loans disbursed for consumer goods. The wholesale segment expanded 8.1% (Q4 2013: 7.9%) supported by increase wholesale act iv i ty of non-agr icu l ture intermediate products such as petroleum and diesel as well as household goods. During the quar te r, the motor veh ic le segment grew 4% (Q4 2013: 3.8%) supported by higher sales of passenger cars, parts and accessories. Meanwhile, the accommodation and restaurant subsector increased 6% (Q4 2013: 5.8%) benefit ing from higher domestic consumption and tourism-related activities amid the festive season and Visit Malaysia Year 2014.
the business services segment grew 9.8% (Q4 2013: 9.4%), in line with higher demand for professional services, particularly engineering services in the construction sector as well as computer services.
The communication subsector remained strong registering a double-digit growth of 10.1% (Q4 2013: 10.3%), attributed to higher data plan and broadband subscriptions. As at end-March 2014, cellular phone subscriptions expanded 1.6% to 43.1 mil l ion with a penetration rate of 143.7% (end-December 2013: 4%; 43 million; 143.8%). Meanwhile, broadband subscriptions rose 3.1% to 6.4 million with a household penetration rate of 67.3% (end-December 2013: 4.2%; 6.37 million; 67.1%) amid aggressive promotion of attractive packages and upgrade of 4G long-term evolution (LTE) services.
Growth of the t ransport and storage subsector moderated to 4.8% (Q4 2013: 5.4%) largely due to weaker demand and slower freight rates in the water transport segment. During the quarter, the total volume of containers handled at seven major ports rose 3.7% year-on-year (y-o-y) to 5.1 million twenty-foot equivalent units (TEUs) (Q4 2013: 2.5%; 5.2 million TEUs). Port Klang handled 2.5 million TEUs and Tanjung Pelepas with 2 million TEUs (Q4 2013: 2.7 million TEUs; 1.9 million TEUs), contributing 49.4% and 38%, respectively to total container throughput (Q4 2013: 49.2%; 34.9%).
The land transport segment increased 6.1% (Q4 2013 : 5 .9%) in l i ne w i th h igher manufacturing exports as well as wholesale and retail activities. Total ridership on urban rail services in the Klang Valley rose 4.7% to 53.9 million passengers (Q4 2013: 7.4%; 54.8 million). Traffic volume on tolled highways, however, decreased 1.1% to 392 million vehicles (Q4 2013: 5.4%; 422 million), partly due to some shift to air transport amid competitive fares offered by budget airlines.
SERVICES SECTOR(% annual change)
Source: Department of Statistics, Malaysia.
Intermediate services
Transport and storage CommunicationFinance and insuranceReal estate and business services
Final services
UtilitiesWholesale and retail tradeAccommodation and restaurantOther services
Government services
Total services
2012 2013 20142013
7.5
4.99.57.97.2
4.5
4.34.65.43.9
9.4
6.4
8.5
4.48.9
10.96.8
3.0
4.22.24.84.0
11.3
6.4
5.1
4.610.01.87.5
5.8
4.16.45.75.1
8.3
5.9
2012
Q1 Q2 Q3 Q4
7.4
5.99.86.97.6
5.5
4.45.96.84.2
8.3
6.7
8.9
3.79.5
11.57.5
4.1
3.84.34.13.4
10.9
6.9
5.2
5.99.72.07.0
5.7
5.06.46.24.1
7.0
5.7
Q1
5.7
4.810.12.48.6
6.9
3.28.66.04.8
7.7
6.6
6.4
3.89.06.36.5
5.5
3.95.76.45.2
7.1
6.1
4.0
4.29.8
-0.16.9
5.0
4.15.24.95.3
7.8
5.0
5.0
5.110.80.98.1
5.6
3.96.15.85.0
9.6
6.0
4.9
5.410.30.58.3
7.1
4.48.45.85.1
8.6
6.4
Q1 Q2 Q3 Q4
The finance and insurance subsector grew 2.4% in the first quarter of 2014 (Q4 2013: 0.5%), mainly supported by higher fee-based and insurance premium income. During the quarter, total loans approved by the banking system rose 4.2% to RM91.1 billion (Q4 2013: 2.8%; RM98 billion), mainly for the purchase of residential properties and motor vehicles. Meanwhile, the insurance segment rebounded 2% (Q4 2013: -3.7%) driven by new life insurance policy premiums. The real estate and business services subsector increased 8.6% (Q4 2013: 8.3%), with the real estate segment growing 5.5% (Q4 2013: 5.4%). During the quarter, loans approved for the real estate sector increased 30.6% (Q4 2013: 35.2%). Meanwhile,
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In the air transport segment, total passenger traffic at airports nationwide rose 18.9% to 21 million (Q4 2013: 24.1%; 23 million) supported by higher tourist arrivals and continuous promotion of discounted travel packages by airlines. Total air cargo handled at all airports increased 7.4% y-o-y to 231,409 tonnes (Q4 2013: 12.7%; 253,783 tonnes) on account of higher exports.
The utilities subsector grew 3.2% (Q4 2013: 4.4%) on slower electricity consumption in the residential segment following the hike in electricity tariff in January 2014, as well as lower water consumption due to water rationing in Kuala Lumpur and Selangor. Electricity sales rose 2.2% to 24,795 gigawatt hours (Q4 2013: 4.1%; 25,303 gigawatt hours) with maximum demand for electricity peaking at 16,294 megawatts in March 2014 (Q4 2013: 16,031 megawatts in October 2013). The other services subsector grew 4.8% (Q4 2013: 5.1%) mainly driven by private education which increased 8.3% (Q4 2013: 7.1%) following new enrolments in private higher education institutions. Meanwhile, the government services subsector expanded 7.7% (Q4 2013: 8.6%).
Manufacturing sector posts strong growth
Value-added of the manufacturing sector expanded 6.8% during the first quarter of 2014 (Q4 2013: 5.2%), the highest growth in three years amid an improving global environment. Output increased 6.9% (Q4 2013: 4.9%) with positive growth in major subsectors. Similarly, sales of manufacturing products rose 12.4% to RM165.6 billion (Q4 2013: 3.2%; RM161.8 billion). The capacity utilisation rate of the sector recorded 79.4% (Q4 2013: 80%).
Production of export-oriented industries expanded 6.9% (Q4 2013: 3.7%) driven by the E&E subsector which grew at a stronger pace of 15.5% (Q4 2013: 16.9%) amid higher demand from Hong Kong, Singapore and Germany. In line with the
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This saw fabricated metal products increasing 6.3% (Q4 2013: 5.8%). Production of transport equipment registered a double-digit growth of 17.1% (Q4 2013: 23.4%) supported by passenger cars, despite the moderate growth in shipbuilding. Meanwhile, food products and beverages rose 6.3% and 13.1% (Q4 2013: 3.3%; 5.7%), respectively on account of the festive season and school holidays.
improved global growth of semiconductor sa les and the book-to-b i l l rat io , the indust r ies compr i s ing communicat ion equipment, electronic components and computer peripherals rose 24.7%, 23.2% and 5%, respectively (Q4 2013: 11.1%; 28 .7%; 10.8%). In addi t ion, a l l major subsectors recorded strong growth such as manufacture of ref ined petroleum products (6.5%) as well as textiles, apparel, leather products and footwear (7.6%). However, resource-based products such as rubber and paper products declined 0.8% and 5.7% (Q4 2013: 6.8%; 0.3%), respectively.
‘10 ‘11 ‘12 ‘13 ‘14
CONSTRUCTION SECTOR- Housing Starts
('000 units)('000 units)
Source: NAPIC, Valuation & Property Services Department.P = Preliminary
0
10
20
30
40
50
2-3 Storey terraced
Single storey terraced
Condominiums, apartments & flats
Low-cost flats
Low-cost houses
Others
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q10
10
20
30
40
50
Vibrant construction activities
The construction sector continued to post a robust growth of 18.9% (Q4 2013: 9.8%). Growth was driven by expansion in the residential subsector (29.7%) with an increasing number of private residential projects ranging from low to high-end properties, particularly in the
Output of domestic-oriented industries grew 7.2% (Q4 2013: 8%), led by construction-related industries (2.9%), which benefited from the robust performance of the construction sector.
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Downtrend in oil production
The mining sector declined 0.8% during the first quarter of 2014 (Q4 2013: -1.2%) on account of lower production of crude oil. Crude oil output continued to register a negative growth of 3.4% (Q4 2013: -8.5%). Meanwhile, production of natural gas increased marginally by 0.9% (Q4 2013: 2.2%), following higher output in Sabah and Sarawak.
Klang Valley, Penang and Johor. The civil engineering subsector grew 8.6%, supported by the continued implementation of large transport-related infrastructure as well as oil and gas projects. Meanwhile, special trade registered an impressive double-digit growth of 27.4% supported by increasing repair and maintenance activities, mainly in the residential and non-residential buildings.
Growth in agriculture sector improves
Growth in the agriculture sector improved to 2.3% (Q4 2013: 0.2%), following higher production of palm oi l and the other agriculture subsector. The production of palm oil rebounded by 1.6% (Q4 2013: -1.2%) attributed to higher yields and improving external demand. The other agriculture subsector continued to support the growth of the sector with higher output from vegetables (7.8%), fruits (6.7%) and paddy (6.3%). Growth of the non-plantation subsector was supported mainly by the stronger performance of livestock (7.9%) and fishing (2.1%) on higher demand from the domestic market, particularly during the holiday season. Meanwhile, the rubber subsector contracted 12.1% affected by the wintering season and lower prices. Similarly, the forestry and logging subsector declined 0.8%, mainly due to lower logging activities in Sarawak.
Prices
Inflation further increases
Headline inflation, as measured by the annual change in the Consumer Price Index (CPI), rose further by 3.4% in the first quarter of 2014 (Q4 2013: 3%). The major contributors to the
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higher CPI were the food and non-alcoholic beverages; transport as well as housing, water, electricity, gas and other fuels groups, accounting for 2.8 percentage points of the total increase. During the quarter, the price adjustment of petrol RON97 and electricity tariff hike in January 2014 also partly contributed further to the CPI increase.
The price increase in the food and non-alcoholic beverages group continued at the same pace of 4% as in the previous quarter, contributing 1.3 percentage points to the CPI. The higher food price was attributed to the increase in the prices of fish and seafood (6.9%) as well as meat (6.6%) subgroups. This was partly due to the higher demand during the Chinese New Year celebration and school holidays. Prices in the transport group also increased 5.3% (Q4 2013: 5%), contributing 0.8 percentage point to the CPI. This was due to higher prices of fuel and lubricants in personal transport equipment (8.3%), partly attributed to three upward price adjustments of petrol RON97 on 8 January (5 sen), 7 February (5 sen) and 7 March (5 sen) from RM2.75 per litre to RM2.90 per litre as well as repair and maintenance of personal transport (4.3%).
Similarly, prices in the housing, water, electricity, gas and other fuels edged up 3.5% (Q4 2013: 2.2%) and added another 0.8 percentage
point to the CPI. This was mainly due to the 3.3% price increase in the actual rental paid by tenants subgroup. Following the increase in the electricity tariff on 1 January 2014, the electricity subgroup increased at a faster pace of 6.4%. However, the impact of the tariff adjustment was limited as 70.7% or 4.6 million domestic users who consume less than 300 kWh per month were not affected. As in the previous quarter, the impact of the overall price increase during the quarter was partly offset by the decrease in prices in the communication as well as miscellaneous goods and services subgroups, which continued to decline at the same rate of 0.5% (Q4 2013: -0.6%; -0.5%).
[Inflation increased at a slightly slower pace of 3.4% in April 2014 compared to 3.5% recorded in March 2014. This was mainly contributed by the three largest groups, namely food and non-alcoholic beverages; housing, water, electricity, gas and other fuels as well as transport groups, which accounted for 2.8 percentage points of the increase. Consequently, inflation for the first four months of 2014 was higher at 3.5% (January – April 2013: 1.5%).]
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The Producer Price Index (PPI), which measures changes in the price of commodities charged by domestic producers and those paid by importers, increased further by 3% in the first quarter of 2014 (Q4 2013: 2.2%), marking the second consecutive quarterly increase. The overall increase in domestic PPI was attributed to the price increase in both local production and import components. The PPI for local production rose further by 4.1% (Q4 2013: 3.4%) and contributed 2.8 percentage points to the overall PPI growth. This was mainly driven by the substantial price increase in two groups, namely animal and vegetable oils and fats as well as mineral fuels, lubricant and others by 17.3% and 6.5%, respectively. In terms of the PPI for local production by stage of processing, the largest increase was recorded in crude materials for further processing (9.5%) as well as intermediate materials, supplies and components (3.6%).
Meanwhile, the PPI for imports reversed from its negative trend in the past four quarters to register an increase of 0.4% (Q4 2013: -0.5%). The notable items, which registered price increases, were in the food (3.5%), chemicals (1.9%) and mineral fuels, lubricant and others (1%) groups. Similarly, all stages of processing in the PPI for imports recorded increases, with prices in the finished goods stage contributing 49.1% to the total increase.
Employment
Labour market remains strong
Labour market conditions remained strong in the first quarter of 2014 with the unemployment rate recording 3.1% (Q4 2013: 3.2%). Total employment amounted to 13.5 million (Q4 2013: 13.7 million) with the bulk of employment gains continued to come from the services sector
(8.1 million), mainly from the wholesale and retail trade industry, followed by the manufacturing (2.2 million) and agriculture (1.7 million) sectors.
Meanwhile, job vacancies registered via JobsMalaysia stood at 353,030 in the first quarter of 2014 (Q4 2013: 366,203). On a sectoral basis, the manufacturing and services sectors offered the highest job openings of 115,855 and 88,012, respectively. The elementary occupations, such as domestic cleaners and helpers as well as manufacturing and agriculture labourers, continued to record the highest vacancies at 256,061 or 72.5%. The number of active job seekers also increased to 436,012 as at end-March 2014 (end-December 2013: 435,421).
The number of lay-offs was recorded at 2,437 (Q4 2013: 2,584) due to downsizing of workforce and closing of businesses. The majority of retrenchments were from the manufacturing sector, accounting for 66.6% of total retrenchments, followed by the services sector with 30.4%.
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Monetary and Financial Developments
Monetary aggregates continue to expand
The monetary aggregates expanded during the first quarter of 2014, with M1 or narrow money, registering a growth of 11.4% to RM327.1 billion (end-December 2013: 13%; RM327.6 billion). Meanwhile, M3 or broad money supply expanded at a slower pace of 5.9% to RM1,474 billion (end-December 2013: 8.1%; RM1,454.4 billion) largely attributed to credit extended by the banking system to the private sector. The expansion in M3 was moderated by the decline in net foreign assets.
Stable interest rates
The Overnight Policy Rate (OPR) was held steady at 3.00% during the quarter by the Monetary Policy Committee, in its assessment of growth and inflation outlook. Subsequently, the average base lending rate (BLR) of commercial banks was unchanged at 6.53% (end-December 2013: 6.53%). Meanwhile, the weighted average lending rate (ALR) of commercial banks gained three basis points (bps) from the previous quarter to 5.39% as at end-March 2014. The savings deposit
rate fell one bp to 0.98% during the same period (end-December 2013: 0.99%). During the quarter, the interest rates on 1-month to 12-month fixed deposits remained in the range between 2.91% and 3.15% as in the preceding quarter. The real return on fixed deposits of all maturities turned negative following the increase in inflation to 3.4% in the first quarter of 2014.
[The OPR was maintained at 3.00% in the Monetary Policy Committee meeting on 8 May 2014 to sustain the growth momentum of the domestic economy while the global economy is projected to continue on a path of gradual recovery.]
Private sector financing remains strong
Gross private sector financing raised through the banking system and capital market grew 15.3% to RM282.2 billion during the first quarter of 2014 (Q4 2013: 15.5%; RM302.8 bil l ion). This was largely due to higher loan disbursements by the banking system and equity issuances. Loan disbursements by the banking system posted a double-digit growth of 16.5% to RM258.4 billion
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(Q4 2013: 9.8%; RM259.3 bi l l ion), while e q u i t y i s s u a n c e s i n c r e a s e d m o r e t h a n f o u r t i m e s t o R M 4 . 2 b i l l i o n compared to the same period last year (Q4 2013: 21.3%; RM7.4 billion). However, gross private debt securities (PDS) issuance excluding Cagamas, decreased 11.1% on an annual basis to RM19.6 bi l l ion (Q4 2013: 81.9%; RM36 billion).
disbursed to the business sector remained concentrated in the manufacturing (21.5% or RM55.6 billion) as well as the wholesale and retail trade, accommodation and restaurant (21% or RM54.2 billion) sectors (Q4 2013: 20.9%, RM54.1 billion; 19.9%, RM51.5 billion). Meanwhile, loans disbursed to the household sector increased at a lower rate of 3.8% to RM74.1 billion, constituting 28.7% of the total loans disbursed (Q4 2013: 9.9%; RM78.4 billion; 30.2%).
Total loans outstanding in the banking system continued to expand steadily by 10.2% to RM1,246.7 billion as at end-March 2014 (end-December 2013: 10.6%; RM1,225.7 bi l l ion). Household loans outstanding, which increased 11.7% to RM706.7 billion, continued to account for the greater proportion of total loans outstanding in the banking system at 56.7% (end-December 2013: 12%; RM690.6 billion; 56.3%).
BANKING SYSTEM: LOANS OUTSTANDING AND GROWTH
RM billion Annual change (%)
Source: Bank Negara Malaysia.
1,246.7
Loans outstanding
MarDecSeptJunMarDecSeptJunMarDecSeptJunMarDecSeptJunMar400
600
800
1,000
1,200
1,400
10.2%
‘10 ‘11 ‘12 ‘13 ‘14
4
6
8
10
12
14
Loan growth
During the first quarter of 2014, bank lending indicators remained intact. While loan applications rose at a slower pace of 1% to RM189.1 billion, loan approvals continued to increase 4.2% to RM91.1 billion (Q4 2013: 22%, RM209.9 billion; 2.8%, RM98 billion). Similarly, loan disbursements grew further by 16.5% to RM258.4 bi l l ion (Q4 2013: 9.8%; RM259.3 billion). The share of loans
Sound banking system
The banking system continued to be well-capitalised with the common equity tier 1 capital ratio (12%), tier 1 capital ratio (12.8%) and total capital ratio (14.4%) remaining well above the minimum regulatory level as at end-March 2014 (end-December 2013: 12.1%; 13%; 14.4%). The banking sector recorded
1st Quarter 2014.indd 12 5/21/14 11:42:02 PM
13
pre-tax profits of RM8 billion (Q4 2013: RM8.2 billion) attributed to lower income growth from trading activities as well as underwriting and corporate advisory related services. Meanwhile, the level of net impaired loans remained stable at 1.3% of net total loans as at end-March 2014 (end-December 2013: 1.3%).
Mixed performance of ringgit
The ringgit recorded a mixed performance against major and regional currencies, during the first quarter of 2014. The ringgit appreciated 0.4% against the US dollar at RM3.2685 and 0.7% against the euro. However, the ringgit weakened 0.5% against the pound and 1.5% against the yen. The ringgit also appreciated within the range of 0.1% and 3.3% against regional currencies except against the Australian dollar, baht and rupiah. The ringgit’s performance was due to the anticipation of a more gradual reduction of the quantitative easing in the US and stimulus measures to promote growth in China.
Higher fund raising activity
Fund raising activity in the capital market continued to remain positive in the first quarter of 2014. Gross funds raised in the capital market rose 7% y-o-y to RM52.3 billion (Q4 2013: 25.7%; RM63.9 billion), partly on account of higher issuance of shares and warrants amounting to RM4.2 billion (Q4 2013: RM7.4 billion), as well as issuance of the Government Housing Sukuk totalling RM4 billion in February 2014. After adjusting for redemptions, total net funds raised amounted to RM39.4 billion (Q4 2013: RM33.7 billion). Meanwhile, net funds raised by the public sector recorded a strong growth of 199% to RM24 billion (Q4 2013: -18.8%; RM14.3 billion). Likewise, net funds raised by the private sector expanded 77.4% to RM15.4 billion (Q4 2013: -3.3%; RM19.5 billion).
Source: Bank Negara Malaysia.
1 including Cagamas
FUNDS RAISED IN THE CAPITAL MARKET(RM million)
BY PUBLIC SECTOR
Government securities (net) Malaysia Government Securities Government Investment Issues Less: Redemptions Khazanah Bonds (net)Merdeka Saving Bonds (net)Government Housing Sukuk (net) BY PRIVATE SECTOR
Shares/WarrantsDebt Securities (net)
Private Debt Securities1
Less: Redemptions
TOTAL
--
1,700
16,696
8,031
6,33113,50010,05017,219
8,665
1,0017,664
22,60114,937
-(2,399)
-
13,870
10,158
12,55712,58011,97612,000
3,713
4,815(1,103)
11,83212,934
--
2,700
17,829
11,400
8,70013,94410,00015,244
6,429
2,7803,649
13,3899,740
---
33,749
14,288
14,28811,4009,0006,112
19,462
7,43112,030
36,04424,013
--
4,000
39,382
24,012
20,01214,4939,0193,500
15,370
4,21611,154
20,5479,393
2013 2014
Q1 Q2 Q3 Q4 Q1
Note: Total may not add up due to rounding.
The yield on 1-year Malaysian Government Secur i t ies (MGS) increased s l ight ly by 4 bps to 3.07% (Q4 2013: -4 bps; 3.03%) on investors’ anticipation of a higher inflation rate. However, the yield on 10-year MGS decreased 2 bps to 4.11% (Q4 2013: 39 bps; 4.13%), while the yield on 5-year MGS was almost unchanged at 3.66% (Q4 2013: 3.66%) as the new US Federal Reserve cha i r man p ledged to cont inue the tapering plan. At the same time, yields on the 5-year AAA-rated and AA-rated corporate
[From end-March to 20 May 2014, the ringgit continued to strengthen 1.7% against the US dollar and between 0.4% to 2% against other major currencies. The ringgit also gained against most regional currencies.]
1st Quarter 2014.indd 13 5/21/14 11:42:02 PM
14
bonds rose 18 bps and 14 bps to 4.14% and 4.55%, respectively (Q4 2013: -1 bp, 7 bps; 3.96%, 4.41%). In contrast, yields on A-rated bonds decreased 9 bps to 6.93% (Q4 2013: 2 bps; 7.02%).
rebounded by 1.8% in February to 1,835.66 points supported by positive development in the US economy as well as rising commodity prices. In March, the market continued to gain another 0.7%, partly supported by the positive economic data from the US and the easing of the geopolitical tension in Ukraine. Overall, the FBM KLCI increased 10.6% or 177.58 points y-o-y to 1,849.21 points as at end-March 2014 (end-December 2013: 10.5%; 178.01 points; 1,866.96 points).
Market capitalisation rose RM246.6 billion or 16.7% to RM1,719.1 billion as at end-March 2014 (end-December 2013: RM236.5 billion; 16.1%; RM1,702.15 billion). Total turnover also increased 94.5% to 120.7 billion units valued at RM127.4 billion during the first quarter of 2014 (Q4 2013: 64.4%; 107.4 billion units; RM146.8 billion).
PRIVATE DEBT SECURITIES (PDS) 5-YEAR YIELDS1
%
4.144.55
6.93
11.09
‘10 ‘11 ‘12 ‘13 ‘14
2
4
6
8
10
12
BBBAAAAAA
MarDecSepJunMarDecSepJunMarDecSepJunMarDecSepJunMar
1 End-period.Source: Fully Automated System for Issuing/Tendering (FAST), Bank Negara Malaysia.
Robust stock market performance
The FBM KLCI showed a robust performance during the first quarter of 2014 supported by several domestic and external developments. For January, the FBM KLCI decreased 3.4% to close at 1,804.03 points. The market was dampened by the heightening concerns over the US Fed’s schedule to cut back its stimulus earlier-than-expected and China’s weak manufacturing data. The market
[The FBM KLCI closed at a new all-time high on 19 May 2014 at 1,887.07 points as investors’ sentiment were boosted by the robust first quarter GDP growth. However, the market retreated and closed lower the next day at 1,881.16 points due to profit-taking activities.]
1st Quarter 2014.indd 14 5/21/14 11:42:02 PM
15
higher receipts from individual income tax. Stamp duties increased 6.1% to RM1.5 billion (Q4 2013: 18%; RM1.9 billion) supported by strong business activities. Meanwhile, Petroleum Income Tax (PITA) collection increased 10.6% to RM5.2 billion (Q4 2013: -24.8%; RM12 billion) due to higher monthly tax instalments from petroleum companies.
Ind i rect tax co l lect ion rose 1 .8% to RM8 billion (Q4 2013: 5.4%; RM10 billion), following higher receipts which include import duties, sales and service tax. Receipts from excise duties on imports and locally manufactured goods fell 5% to RM2.8 billion (Q4 2013: -1.3%; RM3.2 billion) despite strong sales of motor vehicles and spare parts, a major contributor to excise duties. Meanwhile, collection of sales tax and service tax increased 8.1% and 8%, respectively.
Proceeds from non-tax revenue, comprising 28.2% of total revenue, recorded a double-digit growth of 63.7% to RM13.9 bil l ion (Q4 2013: 76.5%; RM18.5 billion). This was mainly due to favourable receipts from investment income at RM6.7 billion; petroleum royalties at RM3.2 billion; and revenue from non-revenue receipts amounting to RM0.7 billion.
Higher expenditure
Federal Government total expenditure grew 4.9% to RM62.3 billion (Q4 2013: -4.3%; RM75.4 bill ion) on account of higher operating expenditure at 10.6% to RM55.2 billion, while development expenditure amounted to RM7.1 billion (Q4 2013: RM16.6 billion).
The bulk of spending in operating expenditure was on emoluments as well as pensions and gratuities, which increased 24.9% and 23.5%, respectively (Q4 2013: -12%; 7.8%) mainly due to bonus payments to civil servants and the special financial assistance for retirees in January. Meanwhile, expenditure on subsidies
Federal Government Finance
Strong revenue growth
Federal Government revenue recorded a double-digit growth of 12.4% to RM49.2 billion in the first quarter of 2014 (Q4 2013: 6.8%; RM61.1 billion) on account of steady tax revenue and higher non-tax revenue. Tax revenue, comprising 71.8% of total revenue, grew marginally by 0.1% to RM35.3 billion (Q4 2013: 69.7%; -8.9%; RM42.6 billion) amid a higher GDP growth at 6.2%.
Direct tax collection declined 0.4% to RM27.2 billion (Q4 2013: -12.5%; RM32.5 billion). This was mainly reflected in lower collection of corporate income tax compared to
1st Quarter 2014.indd 15 5/21/14 11:42:02 PM
16
grew marginally by 0.4% to RM9 bil l ion (Q4 2013: -1.7%; RM14.4 billion), reflecting the disbursements of cash assistance programmes which included the cash transfers to households earning less than RM4,000 monthly, financial assistance of RM100 to school children and book vouchers worth RM250 to students of higher learning institutions, amounting to RM4.3 billion. Expenditure on supplies and services and debt service charges increased 16.4% and 37.1% to RM5.4 billion and RM6.2 billion, respectively (Q4 2013: 4.6%; -6.2%; RM12.9 billion; RM5 billion). Transfers to statutory bodies rose to RM6 billion while transfers to state governments amounted to RM1.7 billion (Q4 2013: RM0.8 billion; RM2.6 billion).
Total development expenditure declined 25.2% to RM7.1 bi l l ion (Q4 2013: -3%; RM16.6 billion). The transport (27.7%), trade and industry (19.7%), education (17%) and defence (4.4%) subsectors cumulatively accounted for 68.8% or RM4.9 billion of total development expenditure during the period (Q4 2013: 57.3%; RM9.5 billion). During the quarter, with total expenditure exceeding total revenue, the Federal Government financial position recorded a deficit of RM13 billion (Q4 2013: -RM13.8 billion).
Borrowing from domestic sources
Federal Government gross borrowing for the first three months of the year stood at RM23.5 billion, comprising mainly MGS (RM14.5 billion) and Government Investment Issues (RM9 bill ion). Thus, Federal Government debt as at end-Mac 2014, after netting out repayments, increased to RM560.6 billion or 52.2% of GDP (end-December 2013: RM539.9 billion; 54.7% of GDP). Of this, domestic debt accounted for 97.1% of total Federal Government debt. Debt service charges increased to RM6.2 billion, accounting for 11.3% of operating expenditure (Q4 2013: RM5 billion; 8.5%).
External Position
Exports continue to expand
Malaysia’s total trade expanded 8.3% to RM349.4 billion in the first quarter of 2014 (Q4 2013: 10.9%; RM362.7 billion) driven by higher exports. Gross exports grew strongly by 10.9% to RM187.9 billion (Q4 2013: 10.2%; RM195.1 billion), while gross imports remained resilient, increasing 5.5% to RM161.5 billion (Q4 2013: 11.6%; RM167.6 billion). The strong export performance was contributed by the positive growth in all sectors, in line with the improving external demand. Consequently, the trade balance continued to register a higher surplus of RM26.4 billion (Q4 2013: RM27.5 billion).
1st Quarter 2014.indd 16 5/21/14 11:42:02 PM
17
Manufactured exports continued to grow 12.6% to RM142.9 billion (Q4 2013: 13.8%; RM149.2 billion) as external demand improved. Export earnings of both E&E and non-E&E products registered double-digit gains of 12.5% and 12.7%, respectively (Q4 2013: 13.1%; 14.4%). Exports of E&E continued to grow at a healthy pace, led by a 23.1% increase of semiconductors, particularly to Singapore, Hong Kong, Japan and Germany. In addition, shipments of telecommunication equipment surged 30.9%, particularly to the US, Singapore, Hong Kong and the Netherlands. This was on account of better demand in the global semiconductor market and improved economic conditions in the US and Europe.
EXPORTS OF MANUFACTURED GOODS(% annual change)
Source: Department of Statistics, Malaysia.
Total manufacturing exports
Electronics, electrical machinery and appliances
Chemicals, chemical and plastic products
Iron, steel and metal products
Machinery and equipment
Transport equipment
Petroleum products
Rubber products
Wood products
Food, beverages and tobacco
Textiles, apparel and footwear
Non-metallic mineral products
Other manufactured goods
2.4
-1.6
2.9
1.0
13.5
-3.0
15.5
11.1
6.0
3.8
-11.6
5.6
3.8
5.1
-2.4
5.9
3.3
10.9
19.7
43.7
29.4
-2.9
0.3
-11.9
12.7
8.3
2.4
-1.7
-7.1
-5.8
3.4
-0.3
50.8
2.7
4.7
-0.5
-17.4
-8.3
10.4
1.3
-4.4
-1.4
-17.3
-2.6
50.2
40.9
2.5
1.2
-4.8
-11.7
-4.0
8.0
1.3
-4.9
7.4
-0.6
-2.3
0.4
33.3
0.0
-3.6
3.7
-0.7
-10.7
-3.9
2.8
-2.5
-0.1
-5.1
6.1
16.6
36.8
10.6
2.1
-0.5
-13.3
1.0
7.7
-1.6
-4.0
9.0
1.1
3.9
6.7
0.4
-8.9
-7.0
3.6
1.3
-11.2
-7.5
5.3
18.0
44.5
10.5
11.7
30.0
-10.0
-7.3
6.1
16.0
-3.8
-6.2
9.7 13.8
13.1
14.2
29.9
21.3
-28.9
33.0
-4.5
-0.6
8.7
13.8
-1.8
5.9
12.6
12.5
9.7
23.4
15.0
21.4
14.5
-9.5
5.1
14.3
19.1
7.0
14.5
5.9
2.4
12.1
17.9
8.1
-5.7
24.6
-5.9
-4.7
5.6
7.7
-7.0
-3.0
20122012 2013 2013 2014
Q1 Q2 Q3 Q4 Q1 Q1Q2 Q3 Q4
in exports of textiles, apparel and footwear (19.1%) was led by higher shipments of textile, yarn and fabrics to China, Japan and the Republic of Korea.
Growth in export earnings of non-E&E products was attributable to the expansion across all subsectors except for rubber products (-9.5%), partly due to lower shipments of rubber gloves (-4%) and materials of rubber (-27.4%). In addition, export receipts increased significantly during the quarter for transport equipment (21.4%), iron and steel products (19.6%), as well as food, beverages and tobacco (14.3%). Similarly, wood products rebounded by 5.1%, underpinned by higher shipments of wooden office and bedroom furniture to the US, the UK, United Arab Emirates and Canada. Meanwhile, the continued increase
Export receipts of agriculture goods rebounded by 2.8% to RM14.7 billion (Q4 2013: -9.3%; RM16.1 billion) due to higher receipts from palm oil. Export receipts of palm oil increased 2.5% to RM10.8 billion (Q4 2013: -12.4%; RM12 billion) contributed by the increase in prices (9.1%) although volume dropped (6.1%). Meanwhile, export receipts of rubber contracted 14.6% to RM1.6 billion (Q4 2013: -0.2%; RM1.8 billion) amid persistent lower prices (-19%) even though volume increased substantially by 5.4%. Similarly, export receipts from mining goods grew 8.8% to RM25.9 billion (Q4 2013: 16.1%; RM25.5 billion) on account of higher growth in natural gas receipts. Both shipments and prices of natural gas increased 1% and 14.7%, respectively resulting in higher export receipts at 15.8% to RM17.3 billion (Q4 2013: 19.1%; RM15.9 billion). In contrast, export receipts of crude oil dropped 5.8% to RM7.9 billion (Q4 2013: 8.7% RM8.8 billion) on account of lower volume (-11.6%) and prices (-6.6%).
Gross imports grew 5.5% (Q4 2013: 11.6%) on account of steady demand for intermediate and consumption goods in tandem with continued expansion in domestic economic
1st Quarter 2014.indd 17 5/21/14 11:42:03 PM
18
activity. In contrast, imports of capital goods contracted 6.5% (Q4 2013: 0.8%) largely due to lower demand for transport equipment, in particular aircraft. Imports of intermediate goods, in particular fuel and lubricants as well as parts and accessories, increased 4.4% (Q4 2013: 10.5%) consistent with higher activity in the manufacturing sector. Meanwhile, strong consumer confidence was reflected in the double-digit growth of 15.6% (Q4 2013: 9.5%) in imports of consumption goods.
Strong current account surplus
In the first quarter of 2014, the current account surplus expanded further to RM19.8 billion or 7.7% of GDP (Q4 2013: RM14.8 billion; 5.6%) driven by a higher surplus in the goods and services account as well as lower net outflows in the primary income account. The surplus in the goods and services account increased to RM30.9 billion (Q4 2013: RM29.2 billion), following an improvement in external demand and a lower deficit in the services account. A larger net travel receipt at RM9.3 billion coupled with lower net payment at RM7.3 billion in the transport account led to a lower deficit in the services account at RM2.7 bi l l ion (Q4 2013: RM8 bil l ion; -RM8 bil l ion; -RM4.1 bi l l ion). Net travel receipts were the highest and remain the major contributor to the services account. The deficit in the primary income account continued to narrow to RM6.4 billion (Q4 2013: -RM10 billion) on account of lower investment income accruing to foreign companies investing in Malaysia, while investment income accruing to Malaysian companies abroad remained stable. Meanwhile, the secondary income account recorded a higher deficit of RM4.6 billion (Q4 2013: -RM4.4 billion) due to larger remittances by foreign workers in Malaysia.
The financial account recorded a higher net outflow of RM37.6 billion (Q4 2013: -RM9.7 billion) due to net outflows registered across
all components. Inward direct investment (direct investment liabilities) registered an inflow of RM5.8 billion (Q4 2013: +RM10.4 billion) on account of lower retained earnings as well as lower intercompany loans and extension of equity capital to MNCs operating in Malaysia. Foreign direct investment was mainly contributed by companies in the oil and gas (O&G) as well as services sectors, particularly in finance and real estate. Outward direct investment (direct investment assets) recorded a higher outflow at RM20.4 billion (Q4 2013: -RM6.5 billion) largely due to higher intercompany loans and outflows of equity capital. Direct investments abroad were mainly channelled into the O&G and services sectors. Portfolio investment recorded a net outflow of RM13.4 billion (Q4 2013: -RM0.8 billion) due to continued investments abroad by residents and reversals of portfolio investment by non-residents. Net outflows in the other investment declined to RM8.1 billion (Q4 2013: -RM13.3 billion) following lower placements of deposits by foreign institutions and extension of trade credit by Malaysian exporters. Hence, the overall balance of payments continued to record a higher deficit at RM17.3 billion (Q4 2013: -RM2.7 billion) following a larger net outflow in the financial account despite a higher current account surplus. Net errors and omission registered a net inflow of RM0.4 billion (Q4 2013: -RM7.8 billion).
1st Quarter 2014.indd 18 5/21/14 11:42:03 PM
19
[As at 30 April 2014, the international reserves amounted to RM427.8 billion (equivalent to USD131.2 billion). The reserves position is sufficient to finance 9.4 months of retained imports and is 1.3 times the redefined short-term external debt.]
Outlook
Global outlook improves
Global growth is expected to strengthen further in 2014, as the recovery in developed countries gains traction. Economic expansion in the US is expected to continue with a pickup in capital spending and a stronger labour market, which will boost domestic demand. In the euro area, economic growth
International reserves remain strong
Malaysia’s international reserves amounted to RM424.6 billion or USD130.2 billion as at 31 March 2014 (end-Dec 2013: RM441.9 billion; USD134.9 billion). The reserves position remained useable and unencumbered, adequate to finance 9.2 months of retained imports and is 1.3 times the redefined short-term external debt.
-15
-10
-5
0
5
10
15
GDP
Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
GDP AND THE LEADING & COINCIDENT INDICES(% annual change)
% %
‘09‘08 ‘10 ‘11 ‘12 ‘13
Source: Department of Statistics, Malaysia.
right scale
-15
-10
-5
0
5
10
15
Coincident index
Leading index
is expected to continue, while efforts are still underway to form common and effective banking regulation and supervision which could affect growth prospects positively. However, there are concerns that the Fed’s decision to taper the extra liquidity made available since 2008 which has created uncertainty and may impact global financial conditions and growth prospects. Emerging markets with higher external imbalances and which rely on short-term finance are at a greater risk of pressure on their currencies, sudden decline in capital flows and also possible sharp economic deceleration.
With the improving external outlook, the Malaysian economy remains on track to achieve strong growth in the second quarter of 2014. The manufacturing and trade-related services sectors will contribute strongly to the overall GDP growth. In addition, growth will be supported by strong construction activity. On the demand side, private consumption is expected to record higher growth mainly driven by spending from the household sector, amid steady income growth from stable labour market conditions. Private investment is expected to remain firm supported by new projects and capacity expansion in the manufacturing and services sectors as well as capital spending on infrastructure projects.
1st Quarter 2014.indd 19 5/21/14 11:42:03 PM
1st Quarter 2014.indd 20 5/21/14 11:42:03 PM
Key Datahttp://www.treasury.gov.my
Key Data Q1 2014.indd 21 5/21/14 11:30 PM
Key Data Q1 2014.indd 22 5/21/14 11:30 PM
23
KEY DATA
AREA (Square kilometres) 330,290 20121 20131 20142
POPULATION (million) 29.52 29.95 30.10 RM % RM % RM % million growth million growth million growth DOMESTIC PRODUCTION
Gross Domestic Product (constant 2005 prices) 751,934 5.6 787,611 4.7 828,074 4.5-5.5
USD million 243,439 249,963 250,469
Agriculture 54,963 1.3 56,095 2.1 58,048 3.8
Mining and quarrying 63,243 1.0 63,680 0.7 64,773 1.6
Manufacturing 186,748 4.8 193,237 3.5 199,806 3.5
Construction 26,640 18.6 29,554 10.9 32,369 10.0
Services 410,339 6.4 434,460 5.9 460,742 6.2
Gross Domestic Product (current prices) 941,949 6.4 986,733 4.8 1,073,775 9.1
USD million 304,956 313,158 324,786
NATIONAL INCOME AND EXPENDITURE
Gross National Income (current prices) 905,899 4.9 952,607 5.2 1,038,835 9.4
USD million 293,285 302,328 314,218
Consumption expenditure: Public 127,473 10.4 133,704 4.9 139,093 4.3
Private 461,295 10.2 504,045 9.3 557,687 10.5
Gross fixed capital formation: Public 101,385 18.2 104,552 3.1 108,810 5.2
Private 140,177 25.6 160,461 14.5 185,196 14.9
Exports of goods and services 803,042 -0.9 805,962 0.4 851,360 4.3
Imports of goods and services 694,063 4.4 714,425 2.9 769,571 5.6
Gross National Income (constant 2005 prices) 693,570 3.9 730,485 5.3 770,241 5.8
USD million 224,543 231,833 232,976
Gross National Savings (current prices) 298,661 -3.1 297,354 -0.4 320,8463 6.8
Per Capita Income (current prices) RM 30,690 3.3 31,809 3.6 34,175 7.8
USD 9,936 10,095 10,337
Purchasing Power Parity3 USD 16,530 5.2 16,743 1.3 17,173 2.6
FEDERAL GOVERNMENT FINANCE
Revenue 207,913 12.1 213,370 2.6 224,094 5.0
Direct taxes 116,937 14.4 120,523 3.1 133,148 10.5
Indirect taxes 34,706 6.3 35,429 2.1 38,822 9.6
Non-tax revenue 56,270 11.4 57,418 2.0 52,124 -9.2
Operating expenditure 205,537 12.6 211,270 2.8 217,651 3.0
Current account surplus/deficit 2,376 2,100 6,443
Development expenditure (net) 44,326 -2.2 40,684 -8.2 43,551 7.0
Overall deficit/surplus -41,951 -39,584 -37,108
% to GDP -4.5 -3.9 -3.5
Domestic borrowing (net) 43,344 40,526 37,600
External borrowing (net) -13 -221 -491
Change in assets -1,380 -721 -1
PUBLIC SECTOR FINANCE
Current balance 92,733 29.7 46,180 -50.2 65,231 41.3
Development expenditure 135,224 33.5 180,244 33.3 164,271 -8.9
Overall balance -42,491 -134,064 -99,040
% to GDP -4.5 -13.6 -9.4
Key Data Q1 2014.indd 23 5/21/14 11:30 PM
24
KEY DATA
20121 20131 20142
RM % RM % RM % million growth million growth million growth External debt2 252,752 -1.8 318,081 25.8 _ _ USD million 81,715 95,796 _ _ Medium and long-term debt 159,788 4.0 189,967 18.9 _ _ Federal Government 16,848 -6.9 16,763 -0.5 _ _ NFPEs 66,034 -5.2 76,330 15.6 _ _ Private sector 76,906 -16.8 96,875 26.0 _ _ Short-term debt 92,964 -10.4 128,114 37.8 _ _
Debt to GDP (%) 26.9 32.3 _
Debt service ratio (%) 10.1 11.7 _
RM million RM million RM million BALANCE OF PAYMENTS Balance on Current Account 54,460 39,907 30,849 USD million 17,631 12,665 9,331 Goods 125,190 108,230 93,700 Services -16,210 -16,693 -11,911 Primary Income -36,050 -34,126 -34,940 Secondary Income -18,469 -17,504 -16,000 Balance on Capital and Financial Account -22,773 -15,828 _ Net errors and omissions -27,814 -9,431 _ Overall balance 3,873 14,649 _
RM % % RM % % RM % % million growth share million growth share million growth share EXTERNAL TRADE Total Exports (f.o.b.) 702,641 0.7 719,815 2.4 716,786 5.8 USD million 227,480 228,447 230,418 Manufactures 518,851 2.8 73.8 549,241 5.9 76.3 589,112 7.3 77.3 Agriculture 77,343 -15.4 11.0 64,230 -17.0 8.9 69,669 8.5 9.1 Mining 92,974 2.6 13.2 96,488 3.8 13.4 92,495 -4.1 12.1
Total Imports (c.i.f.) 606,677 5.8 649,187 7.0 706,835 8.9 USD million 196,412 205,994 213,797 Intermediate goods 363,714 -5.7 60.0 379,306 4.3 58.4 402,066 6.0 56.9 Capital goods 96,098 19.9 15.8 98,748 2.8 15.2 105,842 7.2 15.0 Consumption goods 43,746 6.6 7.2 47,547 8.7 7.3 51,587 8.5 7.3
Balance of Trade 95,964 70,628 54,951
Total Trade 1,309,318 1,369,002 1,468,621
Gross international reserves (RM billion) 427.2 441.9 427.84
USD billion 139.7 134.9 131.24
Months of retained imports 9.5 9.5 9.44
Short-term external debt (times) 1.5 1.3 1.34
Trading Partners (% share to total trade) ASEAN 27.3 27.4 27.15
European Union 9.8 9.9 9.65
USA 8.4 8.0 7.85
Japan 11.1 9.9 10.35
China 13.8 14.8 13.95
Others 29.6 30.0 31.35
Index % growth Index % growth Index % growth Consumer Price Index (2010=100) 104.9 1.6 107.1 2.1 109.85 3.55
Producer Price Index (2005=100) 127.9 0.1 125.4 -2.0 129.06 3.06
Thousands % growth Thousands % growth Thousands % growth LABOUR Labour force 13,119.6 3.5 13,973.87 4.87 13,889.18 4.88
Unemployed (Unemployment rate) 396.3 (3.0) 425.07 (3.0)7 434.08 (3.1)8
Key Data Q1 2014.indd 24 5/21/14 11:30 PM
25
KEY DATA
2013 2014
End-March End-March
RM % RM % million annual million annual change change
MONEY AND BANKING2
Money Supply M1 293,719.6 - 327,063.8 11.4
M2 1,373,124.6 - 1,459,910.0 6.3
M3 1,392,122.9 - 1,473,980.3 5.9
Banking system
Deposits 1,444,357.4 8.4 1,544,342.7 6.9
Loans 1,131,327.7 10.6 1,246,678.6 10.2
Loan-deposit ratio9 (end of period) 81.6 85.1
Interest rates (average rates at end of period)
3-month interbank 3.17 3.29
Commercial banks
Fixed deposits: 3-month 2.97 2.97
12-month 3.15 3.15
Savings deposit 1.01 0.98
Base lending rate (BLR) 6.53 6.53
Treasury bills (3-month) 3.03 3.01
Malaysian Government securities (1-year) 2.97 3.07
Malaysian Government securities (5-year) 3.22 3.66
End-April End-April
Movement of Ringgit (end-period)10
RM per SDR; % annual change 4.5753 2.7 5.0659 -9.7
RM per USD; % annual change 3.0315 0.1 3.2671 -7.2
RM per Euro; % annual change 3.9702 1.2 4.5107 -12.0
RM per 100 Yen; % annual change 3.0951 22.3 3.1908 -3.0
Bursa Malaysia (end-period)
KLCI / FBM KLCI 1,717.65 1,871.52
Market capitalisation (RM billion) 1,499.22 1,738.55
2013 2014
SOCIAL INDICATORS
Life expectancy at birth1 : Male (years) 72.6 n.a
Female (years) 77.2 n.a
Infant mortality1 (per 1000 live births) 6.6 n.a
Literacy rate1 n.a n.a
Water coverage:total population served11 (% of population) 95.1 n.a
Electricity coverage:rural housing units12 (% of housing unit) 96.9 97.6
Fixed line telephone subscribers13 (per 100 households) 32.4 31.814
Cellular phone subscribers13 (per 100 population) 143.8 143.714
Broadband subscribers13 (per 100 households) 67.1 67.314
Tourist arrivals (million persons) 25.7 2.415
1 Department of Statistics, Malaysia. 2 Bank Negara Malaysia. 3 Economic Report 2013/2014. 4 As at 30 April 2014. 5 For the period of January to April 2014. 6 For the period of January to March 2014. 7 As at December 2013. 8 Preliminary data for the first quarter of 2014. 9 Excludes transactions by financial institutions. 10 Annual rate of appreciation (+) or depreciation (-). 11 Ministry of Rural and Regional Development. 12 Ministry of Energy, Green Technology and Water, and National Water Services Commission. 13 Malaysian Communications and Multimedia Commission. 14 As at End-March 2014. 15 As at January 2014. Note : Urban electricty coverage has reached 100%. Data has been revised by Economic Planning Unit.
Key Data Q1 2014.indd 25 5/21/14 11:30 PM
Key Data Q1 2014.indd 26 5/21/14 11:30 PM
Key Economic Indicators
KEI Q1 2014.indd 27 5/21/14 11:32 PM
KEI Q1 2014.indd 28 5/21/14 11:32 PM
29I.
CO
NS
UM
PT
ION
IND
ICA
TO
RS
Indi
cato
r / M
onth
2013
2014
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
tO
ctN
ovD
ecJa
nFe
bM
arA
pr
Sal
es o
f new
pas
seng
er
cars
(uni
ts)
48,7
2040
,477
50,5
6245
,564
43,3
9847
,270
61,0
3245
,052
48,4
1147
,930
45,7
4952
,490
44,7
0245
,704
52,1
2252
,488
Pro
duct
ion
of v
ehic
les
(uni
ts)
53,0
75
42,7
86
51,
959
53,4
34
48,
709
51,
784
57,
376
43,
542
56,
273
54,
383
55,
823
56,1
4159
,929
6
1,33
0 6
6,37
0 -
Sal
es o
f mot
orcy
cles
(u
nits
) 51
,816
31,7
0643
,343
50,3
6651
,815
51,2
7454
,133
39,3
0242
,593
45,4
1844
,058
41,8
9534
,230
29,2
7840
,946
42,6
52
Pro
duct
ion
of m
otor
cycl
es
(uni
ts)
50,7
3829
,341
39,3
9751
,072
52,5
4253
,214
53,4
1640
,719
43,1
2149
,892
44,0
0841
,784
35,
384
26,
004
38,
188
41,
889
Impo
rts
of c
onsu
mpt
ion
good
s (R
M m
illio
n)3,
910
2,94
63,
645
3,96
94,
052
3,95
24,
604
3,88
74,
015
4,09
44,
121
4,37
5 4
,299
3
,476
4
,360
-
Bur
sa M
alay
sia
(e
nd-p
erio
d)
FBM
KLC
I1,
627.
551,
637.
631,
671.
631,
717.
651,
769.
221,
773.
541,
772.
621,
727.
581,
768.
621,
806.
851,
812.
721,
866.
961,
804.
031,
835.
661,
849.
211,
871.
52
Mar
ket c
apita
lisat
ion
(R
M b
illio
n)1,
422.
471,
432.
151,
472.
481,
499.
221,
611.
751,
598.
811,
611.
091,
563.
851,
611.
201,
661.
141,
671.
351,
702.
151,
668.
561,
698.
521,
719.
111,
738.
55
Pri
ces
- Ann
ual c
hang
e (%
) Con
sum
er P
rice
Inde
x1.
31.
51.
61.
71.
81.
82.
01.
92.
62.
82.
93.
23.
43.
53.
53.
4
Pro
duce
r Pric
e In
dex
(Dom
estic
)-3
.3-2
.7-4
.2-4
.9-4
.6-2
.7-3
.0-2
.6-1
.40.
32.
14.
32.
62.
63.
6-
Labo
ur M
arke
t
Ret
renc
hmen
t (no
.)1,
234
525
299
432
3,85
956
396
738
235
090
883
184
574
083
186
6-
Vaca
ncie
s (n
o.)
107,
470
72,0
1514
2,66
112
9,01
711
6,44
810
7,79
613
4,97
195
,504
130,
605
153,
698
105,
166
107,
339
102,
363
133,
543
117,
124
-
KEI Q1 2014.indd 29 5/21/14 11:32 PM
30II.
INV
ES
TM
EN
T IN
DIC
AT
OR
S
No
te:
1
Com
mer
cial
ban
k ra
te.
2
Fig
ures
for
2013
are
bas
ed o
n da
ta p
ublis
hed
in th
e M
onth
ly S
tatis
tical
Bul
letin
Dec
embe
r 20
13 b
y B
ank
Neg
ara
Mal
aysi
a.
3 B
egin
ning
Jan
uary
201
3, c
apita
l com
pone
nts
are
repo
rted
bas
ed o
n B
ase
III C
apita
l Ade
quac
y F
ram
ewor
k.
4
Hou
seho
ld s
ecto
r =
tota
l loa
ns b
y pu
rpos
e to
hou
seho
lds.
5
Qua
rter
ly d
ata.
n.e.
c -
not e
lsew
here
cla
ssifi
ed.
Indi
cato
r / M
onth
2013
2014
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
tO
ctN
ovD
ecJa
nFe
bM
arA
prS
ales
of n
ew c
omm
erci
al v
ehic
les
(uni
ts)
6,34
64,
569
7,06
06,
925
6,23
66,
361
7,39
96,
052
6,53
47,
148
6,50
38,
003
5,5
71
5,01
46,
797
6,24
4
Impo
rts
(RM
mill
ion)
Cap
ital g
oods
7,8
25
7,3
78
9,1
00
7,9
76
7,7
37
7,6
35
8,9
53
7,8
33
8,5
76
8,1
62 7
,544
9
,843
7,
972
6,4
63
8,3
00
-In
term
edia
te g
oods
31,
442
25,
293
33,
365
34,
147
31,
324
32,
817
33,
741
31,
390
31,
467
33,
999
30,
358
30,
009
34,0
72 2
7,71
1 3
2,24
4 -
Man
ufac
turi
ng p
roje
cts
MIT
I App
rova
ls (R
M m
illio
n)3,
160
6,81
51,
237
4,53
05,
111
1,88
95,
854
1,04
65,
402
5,26
89,
064
2,72
73,
487
6,65
56,
961
-
New
inve
stm
ent
2,75
46,
288
831
3,31
93,
885
1,15
35,
107
357
3,82
83,
579
6,05
593
82,
215
586
2,35
4-
R
e-in
vest
men
t40
652
740
61,
210
1,22
673
674
768
91,
575
1,68
93,
008
1,78
91,
272
6,06
94,
607
-
Bas
e le
ndin
g ra
te (%
)16.
536.
536.
536.
536.
536.
536.
536.
536.
536.
536.
536.
536.
536.
536.
53-
Mon
ey s
uppl
y (A
nnua
l % c
hang
e)2
M1
12.3
14.1
12.7
11.1
12.8
12.5
12.3
10.3
12.9
13.9
13.9
13.0
11.6
10.7
11.4
-M
38.
78.
79.
18.
29.
58.
58.
98.
37.
47.
96.
78.
16.
45.
95.
9-
Tota
l Cap
ital R
atio
, %3
14.8
14.6
14.6
14.4
14.1
14.3
14.1
14.1
14.5
14.5
14.3
14.4
14.4
14.5
14.4
-
Net
impa
ired
loan
s ra
tio (%
)1.
41.
41.
41.
41.
41.
41.
41.
41.
41.
41.
41.
31.
31.
31.
3-
Ban
king
Sys
tem
:Lo
ans
App
rove
d by
Sec
tors
(R
M m
illio
n)28
,394
24,7
2434
,295
34,3
0834
,184
35,4
3336
,597
32,6
4633
,917
33,0
5031
,796
33,1
3328
,359
27,0
7135
,656
-
Prim
ary
agric
ultu
re26
229
876
063
027
950
950
385
295
856
564
186
642
233
334
0-
Min
ing
and
quar
ryin
g21
2241
611
371
01,
389
9324
544
265
103
189
650
1,53
712
7-
Man
ufac
turin
g (in
clud
ing
agro
-bas
ed)
1,68
61,
335
3,10
11,
860
2,04
81,
902
1,69
21,
225
2,15
82,
085
1,92
21,
643
1,57
91,
661
2,17
1-
Ser
vice
s3,
902
4,23
46,
012
6,96
66,
557
6,89
25,
705
4,33
76,
743
4,97
75,
182
4,70
53,
454
3,60
97,
590
-C
onst
ruct
ion
2,02
71,
585
2,12
41,
524
2,75
21,
860
1,36
63,
291
1,70
41,
371
1,69
92,
228
1,31
31,
234
1,30
9-
Rea
l Est
ate
1,93
51,
741
2,04
61,
614
1,68
52,
395
3,10
03,
087
2,69
13,
611
1,29
42,
968
1,74
01,
975
3,17
3-
Hou
seho
ld s
ecto
r418
,376
15,2
6419
,271
21,1
6819
,728
20,1
4123
,936
19,4
7619
,356
19,8
5820
,811
20,2
7719
,073
16,5
3520
,719
-O
ther
sec
tor n
.e.c
.18
624
356
543
342
534
420
113
326
431
814
325
712
718
622
7-
Loan
s D
isbu
rsed
by
Sec
tors
(R
M m
illio
n)77
,687
65,5
8778
,470
77,4
6478
,024
79,6
5882
,149
80,0
2582
,799
83,4
9179
,955
95,8
4595
,032
73,5
7989
,820
-
Prim
ary
agric
ultu
re1,
984
2,40
54,
309
2,52
02,
406
2,70
22,
438
2,44
33,
030
2,34
91,
876
2,76
83,
657
2,37
52,
543
-M
inin
g an
d qu
arry
ing
831
469
801
557
805
979
715
755
617
610
649
655
591
1,39
41,
510
-M
anuf
actu
ring
(incl
udin
g ag
ro-b
ased
)16
,225
14,6
7517
,057
16,5
9917
,003
15,7
0016
,606
15,5
6716
,933
17,4
8216
,678
19,9
3419
,817
16,5
4019
,249
-S
ervi
ces
24,7
4818
,198
22,4
4624
,001
24,2
3425
,290
25,3
0324
,017
28,6
7926
,201
25,5
9634
,368
30,3
5922
,598
30,2
10-
Con
stru
ctio
n5,
278
4,75
54,
631
4,91
55,
395
4,62
75,
077
6,05
44,
310
5,26
55,
589
6,32
97,
977
3,98
95,
646
-R
eal E
stat
e2,
508
2,50
73,
405
3,10
63,
575
3,94
43,
157
5,12
33,
439
3,37
53,
053
4,37
74,
550
3,60
83,
974
-H
ouse
hold
sec
tor4
25,1
9121
,664
24,5
5124
,241
23,9
0125
,542
27,5
8725
,004
25,0
1427
,034
25,2
1126
,173
26,8
2322
,255
25,0
54-
Oth
er s
ecto
r n.e
.c.
922
915
1,27
01,
525
706
874
1,26
51,
062
777
1,17
41,
304
1,24
01,
257
821
1,63
5
Reg
istr
atio
n of
new
loca
l com
pani
es (n
o.)
3,71
62,
963
4,03
44,
030
3,79
83,
830
4,55
23,
670
3,90
04,
324
3,61
03,
822
3,53
43,
313
--
Com
pani
es d
isso
lved
/ st
ruck
off
(no
.)62
885
947
21,
101
673
1,22
91,
596
835
1,82
21,
456
1,77
51,
342
1,37
61,
539
--
Pro
pert
y O
verh
ang
(end
per
iod)
5
Tota
l (un
its)
19,5
6718
,560
17,8
3318
,650
-
%
Cha
nge
(pre
ceed
ing)
-3.1
-5.1
-3.9
4.6
-To
tal (
RM
mill
ion)
6,24
96,
411
6,39
36,
362
-
% C
hang
e (p
rece
edin
g)-1
.92.
6-0
.2-0
.5-
KEI Q1 2014.indd 30 5/21/14 11:32 PM
31III
. PR
OD
UC
TIO
N IN
DIC
AT
OR
S
Indi
cato
r / M
onth
2013
2014
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
tO
ctN
ovD
ecJa
nFe
bM
arA
prA
gric
ultu
re S
ecto
rP
alm
Oil
('000
tonn
es)
1,60
21,
297
1,32
51,
367
1,38
41,
417
1,67
51,
735
1,91
21,
972
1,86
11,
669
1,50
91,
278
1,49
71,
556
Pric
e (R
M /
tonn
e)2,
221.
002,
391.
002,
332.
002,
294.
502,
270.
002,
386.
502,
325.
002,
334.
002,
355.
002,
356.
002,
570.
002,
574.
502,
528.
502,
632.
002,
855.
002,
689.
50R
ubbe
r ('0
00 to
nnes
)88
7672
4350
6783
7072
6167
7692
73-
-P
rice
(sen
/ kg
)90
9.98
926.
3885
7.20
749.
0974
4.88
715.
1069
7.20
763.
0077
6.68
734.
0572
3.98
742.
7470
3.16
623.
32-
-C
ocoa
, exp
ort u
nit v
alue
(RM
/ to
nne)
8,22
87,
905
7,95
27,
750
7,82
87,
664
7,7
26
8,2
76
8,8
35
8,99
08,
680
9,14
09,
457
9,98
7 9
,938
-
Fish
land
ing
('000
tonn
es)
9811
813
113
012
913
713
313
013
913
311
095
100
110
122
-Li
vest
ock1 :
Pou
ltry
('000
) 13
,617
11,1
7913
,190
14,7
5014
,835
14,1
9114
,582
14,7
4513
,940
16,2
6314
,754
15,0
4517
1,09
312
,959
15,4
37-
Cat
tle
2,44
62,
057
2,33
12,
276
2,36
53,
216
4,34
46,
463
2,04
83,
527
1,50
41,
620
299
207
238
-G
oats
1,29
81,
885
1,94
61,
681
1,85
72,
428
2,47
62,
542
2,30
07,
072
783
820
1,19
71,
621
1,68
3-
Con
stru
ctio
n S
ecto
rN
o. o
f hou
ses
appr
oved
14,8
00
12,4
66
19,4
54
22,2
70
11,9
76
13,9
77
9,96
4 18
,140
17
,844
19
,093
7,
650
9,93
4 6,
859
9,51
7 8,
117
-N
ew a
dver
tisin
g &
sal
es p
erm
its (n
o.)
205
167
180
30
103
152
130
129
102
139
128
90
104
86
92
-
Tran
spor
t Sec
tor
Hig
hway
(mill
ion
of v
ehic
les)
134.
012
0.4
142.
513
5.0
139.
013
9.0
139.
214
2.4
138.
114
1.9
140.
314
0.7
132.
012
3.9
136.
7-
Urb
an R
ail (
no. o
f pas
seng
ers
'000
)A
mpa
ng L
ine
4,86
24,
714
5,13
14,
897
4,99
84,
946
5,58
95,
261
4,79
65,
064
4,76
75,
183
5,00
64,
793
5,57
3-
Kel
ana
Jaya
Lin
e6,
262
5,57
96,
795
6,80
06,
619
6,51
96,
892
6,46
06,
555
6,91
96,
499
6,80
56,
338
6,10
26,
938
-K
TM K
omut
er3,
554
3,20
63,
842
3,58
83,
710
3,67
23,
813
3,69
73,
680
3,78
13,
475
3,92
43,
916
3,37
93,
984
-K
L M
onor
ail
2,15
81,
838
2,14
52,
010
2,04
02,
137
2,21
62,
177
2,05
52,
122
2,08
12,
460
2,16
01,
875
2,15
2-
KLI
A E
kspr
es &
Tra
nsit
461
432
538
506
512
539
565
539
589
597
568
593
552
530
629
-KT
M In
terc
ity T
rain
& E
TS (n
o. o
f pas
seng
ers
'000
)32
035
139
032
438
539
430
437
934
033
235
339
432
831
337
2-
KTM
Car
go T
onna
ge ('
000)
568
487
562
567
556
573
619
530
554
552
505
550
460
463
--
Air
(MA
HB
and
Sen
ai)
-N
o. o
f pas
seng
ers
(‘000
)5,
662
5,68
16,
486
6,13
86,
748
7,16
36,
523
7,44
66,
873
7,00
27,
387
8,46
87,
159
6,69
47,
350
-C
argo
(ton
nes)
71,4
2263
,346
80,7
2777
,625
78,0
3580
,930
85,2
0674
,119
75,5
8285
,937
83,0
5284
,794
77,2
4463
,516
90,6
49-
Por
t - C
onta
iner
TE
Us
(‘000
)21,
731
1,48
31,
737
1,68
01,
751
1,75
11,
784
1,74
01,
714
1,75
61,
700
1,77
31,
728
1,57
11,
837
-
Tour
ism
Sec
tor
Tour
ist a
rriv
als
('000
)2,
070
2,00
32,
376
1,98
52,
044
2,07
42,
129
1,98
12,
093
2,10
72,
046
2,80
72,
447
--
-
Com
mun
icat
ion
Sec
tor
(sub
scib
ers
‘000
)3
Fixe
d Li
ne
3,83
03,
830
3,77
33,
746
3,70
1C
ellu
lar
42,4
4542
,445
43,6
0142
,996
43,1
123G
15,5
5415
,554
17,4
5418
,029
-B
road
band
(inc
lude
s w
irele
ss L
AN
) 6,
212
6,21
26,
358
6,37
36,
406
Indu
stri
al P
rodu
ctio
n In
dex
- Ann
ual c
hang
e (%
)3.
1-4
.40.
96.
15.
63.
810
.73.
72.
32.
21.
45.
13.
56.
74.
3-
Min
ing
Sec
tor
Pro
duct
ion
Inde
x - A
nnua
l cha
nge
(%)
-0.4
-3.2
1.3
0.7
6.0
7.2
15.9
-3.4
-5.1
-7.9
-2.7
1.8
0.7
-1.4
-0.9
-C
rude
Oil
& C
onde
nsat
es ('
000
barr
els)
18,
777
16,
747
18,
352
16,
719
17,
465
17,
313
17,
400
17,
372
16,
158
16,2
2917
,481
18,1
2818
,085
16
,226
-
-C
rude
Oil
& C
onde
nsat
es ('
000
bpd)
460
659
859
255
756
357
756
156
053
952
458
358
558
358
0-
-Ta
pis
Ble
nd (U
SD
/bar
rel)
117.
2812
2.47
115.
8510
8.41
108.
4610
9.77
113.
1911
6.61
118.
0511
6.60
115.
2411
9.81
114.
9811
4.41
113.
4011
4.13
Dat
ed B
rent
(US
D/b
arre
l)11
2.97
115.
9710
9.24
102.
8710
3.03
103.
1110
7.72
110.
9611
1.63
109.
5810
8.08
110.
6710
7.63
108.
8110
7.12
107.
79N
atur
al G
as (m
msc
fd)5
6,5
59
6,5
27
6,5
13
6,0
19
6,1
49
6,3
23
6,1
79
5,8
15
6,0
43
6,18
46,
636
6,56
26,
567
6,56
2-
-Ti
n (to
nnes
)35
630
332
628
628
831
226
031
634
025
930
8-
--
--
Ele
ctri
city
Sec
tor
Pro
duct
ion
Inde
x - A
nnua
l cha
nge
(%)
9.8
-3.0
7.0
8.0
4.8
6.0
6.2
5.1
4.0
4.8
6.1
6.0
0.2
8.7
4.6
-M
axim
um d
eman
d (M
W)
15,3
6715
,101
16,1
3316
,356
16,5
6216
,530
15,7
8315
,616
16,1
9616
,031
15,9
4615
,947
15,4
1615
,937
16,2
94-
Sal
es (G
W h
our)
8,32
68,
417
7,50
88,
601
8,64
18,
617
8,52
38,
859
8,20
48,
406
8,59
58,
301
8,40
08,
393
8,00
3-
Man
ufac
turi
ng S
ecto
rP
rodu
ctio
n In
dex
- Ann
ual c
hang
e (%
)4.
1-5
.00.
38.
15.
52.
49.
46.
44.
95.
82.
66.
34.
99.
96.
4-
Sal
es -
Ann
ual c
hang
e (%
)3.
1-6
.5-6
.5-5
.1-2
.5-2
.03.
95.
51.
51.
64.
75.
411
.4
16.1
10
.1
-
Not
e:
1 Tot
al s
laug
hter
ed.
2 C
over
s on
ly K
lang
, Pen
ang,
Joh
or, K
uant
an, T
anju
ng P
elep
as, B
intu
lu a
nd K
uchi
ng (
TEU
s: T
wen
ty-fo
ot e
quiv
alen
t uni
ts).
3 E
nd o
f per
iod.
4 B
arre
ls p
er d
ay.
5 M
illio
n st
anda
rd c
ubic
foot
per
day
.
KEI Q1 2014.indd 31 5/21/14 11:32 PM
32
Indi
cato
r / M
onth
2013
2014
Jan
Feb
Mac
Apr
May
June
July
Aug
Sep
tO
ctN
ovD
ecJa
nFe
bM
acA
pr
RM
(mill
ion)
Gro
ss e
xpor
ts 5
6,99
3 5
2,46
1 6
0,01
2 5
5,80
9 5
5,79
2 5
6,74
9 6
0,72
6 6
2,90
1 6
3,27
5 6
7,10
8 6
2,24
5 6
5,74
3 63
,974
58
,912
65
,029
-
Gro
ss im
ports
53,
725
44,
255
55,
138
54,
769
52,
915
52,
432
57,
868
55,
789
54,
613
58,
876
52,
534
56,
154
57,6
19
48,4
75
55,4
35
-
Trad
e ba
lanc
e 3
,268
8
,206
4
,875
1
,040
2
,877
4
,317
2
,858
7
,111
8
,662
8
,232
9
,712
9
,589
6,
355
10,4
37
9,59
4 -
Tota
l tra
de
110
,717
9
6,71
6 1
15,1
50
110
,578
1
08,7
06
109
,181
1
18,5
95
118
,690
1
17,8
89
125
,984
1
14,7
79
121
,897
12
1,59
3 10
7,38
8 12
0,46
4 -
US
D (m
illio
n)
Gro
ss e
xpor
ts 1
8,75
4 1
6,93
5 1
9,31
1 1
8,29
9 1
8,49
4 1
8,02
2 1
9,03
3 1
9,16
7 1
9,46
8 2
1,11
1 1
9,44
8 20
,233
19,
360
17,
808
19,
808
-
Gro
ss im
ports
17,
679
14,
286
17,
743
17,
958
17,
540
16,
651
18,
137
17,
000
16,
803
18,
522
16,4
1417
,282
17,
437
14,
653
16,
886
-
Trad
e ba
lanc
e 1
,076
2
,649
1
,569
3
41
954
1
,371
8
96
2,1
67
2,6
65
2,5
90
3,0
34
2,95
1 1
,923
3
,155
2
,922
-
Tota
l tra
de
36,
433
31,
222
37,
054
36,
258
36,
034
34,
673
37,
170
36,
168
36,
270
39,
633
35,
862
37,
515
36,
797
32,
461
36,
693
-
Gro
ss In
tern
atio
nal R
eser
ves
(end
of p
erio
d)
RM
bill
ion
428.
642
9.0
431.
343
3.3
436.
843
2.8
438.
342
8.1
444.
644
6.2
443.
844
1.9
436.
042
7.6
424.
642
7.8
US
D b
illio
n14
0.2
140.
313
9.7
140.
314
1.4
136.
113
7.8
134.
813
6.5
137.
113
6.3
134.
913
3.1
130.
613
0.2
131.
2
Mon
ths
of re
tain
ed im
ports
9.4
9.5
9.5
9.5
9.6
9.5
9.6
9.3
9.7
9.7
9.6
9.5
9.4
9.1
9.2
9.4
Sho
rt-te
rm E
xter
nal d
ebt (
Tim
es)
1.5
1.5
1.5
1.4
1.4
1.4
1.3
1.3
1.4
1.3
1.3
1.3
1.3
1.3
1.3
1.3
IV. E
XT
ER
NA
L S
EC
TO
R
KEI Q1 2014.indd 32 5/21/14 11:32 PM
Ministry of Finance Malaysia
Malaysian EconomyFirst Quarter 2014
WJD003341 Cover Quartely.indd 1 5/27/14 8:57 PMUntitled-2 2 5/27/14 8:59 PM