Bank Negara cuts overall GDP growth target

Inset: Zeti at the briefing on Wednesday

KUALA LUMPUR: Malaysia’s economy in the second quarter of the year grew at a slightly faster pace, but below market expectations, as prolonged weakness in the external environment remains a drag to domestic economic activity.

Gross domestic product (GDP) for the three months to June grew 4.3% year-on-year (y-o-y), sustained by domestic demand, as compared with market expectations of a 4.7% y-o-y growth for the period in review, and a GDP growth of 4.1% y-o-y in the first quarter of the year.