KUALA LUMPUR, May 30 (Xinhua) -- Malaysia's businesses are more confident for the second quarter, with overall confidence indicator rebounding to a positive trajectory of 2.8 percent from a contraction of 2.2 percent in the first quarter, a government business tendency survey showed Thursday.
The Malaysian Statistics Department said in a statement that the survey showed that the number of optimists increase compared to number of pessimists during the quarter.
Wholesale and retail trade and services sectors foresee more favorable business conditions in the second quarter, it added.
The confidence indicator for services sector recorded the best growth of 20.8 percent, improved from 5.9 percent in the previous quarter.
Confidence indicator for wholesale and retail trade sector also rebounded to a positive growth of 6.7 percent in the second quarter, from a negative growth of 8.2 percent in the first quarter.
However, respondents in industry and construction sectors expect their business situation to decline in the second quarter, with the confidence indicators of -6.7 percent and -9.3 percent, respectively.
MIDF Research said in a note on Thursday that it anticipated Malaysia's economy to expand by 4.9 percent this year given the upbeat performance of domestic sectors.
"Gradual pick-up in global commodity prices would lend another boosting factor to the economic growth this year. Besides, supportive economic policies, stable labor market, continued wage growth and moderating inflation will support and spur domestic economy," the research house added.
