麦格理-印尼-宏观策略-印尼策略：2017年第四季度GDP数据亮点-20180222-15页

Pleaserefertopage13forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.MALAYSIAMGSbondyieldvs.MGSforeignholdingSource:BNM,MacquarieResearch,February2018USDMYRvs.BrentoilpricesSource:Bloomberg,MacquarieResearch,February2018Malaysia:exportandimportgrowth(USD,y-y)Source:Bloomberg,MacquarieResearch,February2018Analyst(s)AnandPathmakanthan+60320598993anand.pathmakanthan@macquarie.com20February2018MacquarieCapitalSecurities(Malaysia)Sdn.Bhd.MalaysiaStrategy4Q17GDPstats:highlightsConclusion?Broadmacromomentummoderatedin4Q,withQoQgrowthof0.9%(3Q:1.8%)theslowestsince1H16.Nonetheless,4Q’sGDPgrowthdecelerationto5.9%YoYwasfromahighbase(3Qwasarecord6.2%)anddatapointswerebroadlyrobusti.e.containedfiscaldeficit,stablecurrentaccountsurplus,continuedrealwagegrowthandmoderateddebtratios.