KUALA LUMPUR (June 7): Retail Group Malaysia has raised its 2019 growth forecast for the country's retail sales to 4.9% from 4.5% after considering the industry's better-than-expected performance in the first quarter and in anticipation of stronger expansion for the second quarter. Retail Group Malaysia wrote in its latest retail industry report that for the first quarter, the industry achieved better-than-expected growth of 3.8% in retail sales compared to a year earlier. "Members of Malaysia Retailers Association (MRA) were interviewed on their retail sales performances for the first half-year of 2019. This largest festival in Malaysia is celebrated earlier this year as compared to 2018," Retail Group Malaysia said. Looking ahead, Retail Group Malaysia said retail sales growth for the third quarter is maintained at 3.9%.

Source: The Edge Markets June 07, 2019 04:07 UTC