All Sectors Set to Record Positive Growth in 2006
Posted on: Sunday, 2 October 2005, 21:00 CDT
By Rajan Moses; Mustapha Kamil and others
ALL sectors are projected to record positive growth in 2006, with the
manufacturing and services areas leading the way.
The manufacturing sector is expected to grow at a faster rate following
the strengthening of global electronics demand and the continuing strong
pace of domestic economic activities.
The manufacturing sector is seen growing 4.9 per cent in 2006. New
developments include greater involvment in nanotechnology, biotechnology
and advanced manufacturing practices.
A projected 6.1 per cent growth in the services sector, meanwhile,
should be supported by continued expansion in activities such as
information and communication technology-related and business outsourcing
services, private healthcare and education services.
The agriculture sector will continue to expand by 5 per cent in 2006,
amid continued efforts to diversify and modernise the sector,
particularly the production of food commodities, to help reduce imports.
Continued investments in niche areas of the agriculture sector, in
particular aquaculture, seaweed, herbs, floriculture and ornamental fish,
are expected to help drive its growth.
Output of crude oil and gas is envisaged to rise in 2006 due to strong
demand and higher prices as well as capacity expansion in new oil and gas
fields.
Crude oil and natural gas output are projected to increase by 4.2 per
cent and 10 per cent respectively. As a result, growth of the mining
sector in terms of value added is expected to accelerate by 4.7 per cent
in 2006.
The construction sector is expected to stage a recovery next year,
growing by 3 per cent. The growth will be spurred by a turnaround in the
civil engineering sub-sector, following implementation of new
infrastructure projects under the Ninth Malaysia Plan.
Likewise, activities in the residential and non-residential subsectors
are to remain active, supported by sustained demand for houses and
purpose-built offices.
Source: New Straits Times
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