KUALA LUMPUR: The country is on track on achieving the target gross domestic product (GDP) growth of 6% for 2010, as recent data have indicated a high-single digit growth for the second quarter's GDP, said Minister in the Prime Minister's Department Tan Sri Nor Mohamad Yakcop.
He said that economic indications such as approved consumer credit, sales of new passengers cars, and imported goods have increased in the month of June which bodes well for the economy.
"For the month of June, approved consumer credit have increased 20.5%, sales of new passenger cars have increased 10.7%, imported consumption goods rose 16%, approved loans rose 22.2%, while import of capital goods rose 34.2%.
"All indicators are showing that our economy is doing well," he said at the 21st National Real Estate Convention on Tuesday, Aug 3.
He added that while the second quarter might not see the 10.1% growth that was seen in the first quarter because the base was lower in the first quarter of 2009, indicators showed a healthy growth.
"We are still waiting for the numbers of the second quarter but indications have shown that we are doing well. We are confident that we would achieve the 6% GDP target for the year," he added.
On whether Malaysia would revise its GDP growth target for 2010 like Singapore, Nor Mohamad said that it would wait for more economic data.
"If there's a need to upgrade, we could do it during the budget announcement in October. But 6% seems comfortable," he said, adding that he do not see a double-dip economy in the future.
He said that economic indications such as approved consumer credit, sales of new passengers cars, and imported goods have increased in the month of June which bodes well for the economy.
"For the month of June, approved consumer credit have increased 20.5%, sales of new passenger cars have increased 10.7%, imported consumption goods rose 16%, approved loans rose 22.2%, while import of capital goods rose 34.2%.
"All indicators are showing that our economy is doing well," he said at the 21st National Real Estate Convention on Tuesday, Aug 3.
He added that while the second quarter might not see the 10.1% growth that was seen in the first quarter because the base was lower in the first quarter of 2009, indicators showed a healthy growth.
"We are still waiting for the numbers of the second quarter but indications have shown that we are doing well. We are confident that we would achieve the 6% GDP target for the year," he added.
On whether Malaysia would revise its GDP growth target for 2010 like Singapore, Nor Mohamad said that it would wait for more economic data.
"If there's a need to upgrade, we could do it during the budget announcement in October. But 6% seems comfortable," he said, adding that he do not see a double-dip economy in the future.
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