kuala lumpurmalaysias economy expanded in the first quarter of 2023 driven in part by stronger domestic demand the countrys central bank said friday gross domestic product grew 56 compared with the same period a year earlier also helped by an improved labor market investment activity and the recovery of tourism bank negara malaysia added the result compared with the revised 71 expansion recorded in the fourth quarter last year a dow jones newswires poll of economists had tipped firstquarter gdp growth at 48 on year on a quarteronquarter seasonallyadjusted basis the economy grew by 09 it said the central bank said it expects growth this year of between 40 and 50 mainly on the back of firm domestic demand improving employment rising income levels the continued implementation of multiyear investment projects and rebounding tourism are all expected to support the local economy amid a challenging global environment bank negara said the countrys diversified export markets and its ties to a recovering china economy should also help cushion malaysia against any global growth slowdown it added the risks to the growth outlook are fairly balanced the central bank said with downside risks emanating primarily from external developments while there are upside risks mainly from domestic factors bank negara expects headline and core inflation to moderate this year but remain at elevated levels given the continued price pressures amid firm demand headline and core inflation moderated in the first three months of the year to 36 and 39 respectively following are selected economic indicators released by the central bank