Strong Domestic Demand Will Continue To Spur Economy

PORT KLANG (Malaysia), Feb 16 (Bernama) -- Strong domestic demand and investment will continue to spur the Malaysian economy this year, said International Trade and Industry Minister Mustapa Mohamed. He said 2011 was a good year for the economy and the growth momentum was expected to continue, driven by mainly private consumption and government expenditure. Mustapa said last year's Gross Domestic Product (GDP) growth of 5.1 per cent exceeded forecast and the country was on track to attain the targeted growth of 5.5 per cent for this year. "It was a credible achievement. 2011 was a good year with growth in GDP, RM1.27 trillion worth of trade, representing 8.7 per cent growth, and growth in private investment. "Per capita income also increased to US$9,500. Companies are recruiting, unemployment is low at 3.1 per cent. The numbers look good," he said after visiting PML Dairies Sdn Bhd, a subsidiary of F&N Holdings Bhd, and Cargill Palm Products Sdn Bhd. PML Dairies, located in the Selangor Halal Hub Pulau Indah, and Cargill, based in the Port Klang Free Zone, come under the purview of the Halal Industry Development Corporation. The Selangor Halal Hub Pulau Indah is undergoing its third phase of development and has, todate, attracted RM1.9 billion in investments. (US$1=RM3.06) -- BERNAMA