RTTNews - Malaysia's economy contracted 6.2% in the first quarter from the previous year after expanding 0.1% in the fourth quarter, the Bank Negara Malaysia said Wednesday. The economy shrank more than the expected 3.9% fall.
During the first quarter, domestic demand declined 2.9% and private consumption fell 0.7%. Gross fixed capital formation declined 10.8%. Exports dropped sharply by 20% following a sharp contraction in manufactured exports, as well as lower commodity exports.
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