Gross fixed capital formation rises 6.2 pct in 2017

KUALA LUMPUR: Malaysia’s Gross Fixed Capital Formation (GFCF) rose by 6.2 per cent in 2017, spearheaded by the sturdy growth of the services sector and double-digit growth of the manufacturing sector, said the Department of Statistics Malaysia.

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the services sector expanded with a growth of 9.6 per cent, supported by transportation and storage, and information and communication activity which recorded a strong growth of 14.1 per cent.

“Furthermore, manufacturing recorded a strong growth of 10.4 per cent, while electrical, electronic and optical products and transport equipment jumped 18.6 per cent,” he said in a statement yesterday.

He said a growth of 6.4 per cent in petroleum, chemical, rubber and plastic products, as well as a 0.5 per cent improvement in food, beverages and tobacco activity had strengthened overall growth.

Other improvements, Mohd Uzir said were in livestock and fishing activity, which recorded a growth of 7.9 per cent, and construction which was up 7.3 per cent, backed by the higher acquisitions of machinery and equipment

However, he said mining and quarrying continued to contract, down to negative 10.2 per cent while agriculture slowed down to one per cent due to the negative growth for both rubber and oil palm activity and other agriculture activity.

Meanwhile, the chief statistician also said from the perspective of sector and type of economic activity, the private sector, with a share contribution of 68.4 per cent, has propelled economic momentum with a growth of 9.3 per cent. — Bernama