First quarter GDP down 0.5pct

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Malaysia's GDP contracted by 0.5 percent during the first quarter of this year compared to the year before.According to the Statistics Department (DOSM), the manufacturing and agriculture sector reported growth while the services, mining and construction sector contracted.On the demand side, DOSM noted strong growth in exports and government spending, amidst negative growth in private consumption."The gradual recovery of Malaysia’s economy was influenced by the reopening of more economic activities during the movement control order (MCO) 2.0 which is less stringent than the MCO that was imposed last year and also benefited from various stimulus packages to steer the economic recovery."The economy was also spurred by disposable income due to withdrawal of i-Sinar, i-Lestari and the increase in commodity prices such as oil palm and rubber," said chief statisti…