KUALA LUMPUR, Feb. 14 (Xinhua) -- Malaysia's economy grew at 4.7 percent in 2018, slower from 5.9 percent in 2017, and also below the government's earlier projection of 4.8 percent, Malaysia's central bank said on Thursday.

The economy expanded by 4.7 percent in the fourth quarter of 2018, underpinned mainly by private sector activity and a rebound in exports, the central bank said in a statement.

The fourth quarter growth was supported by resilient private consumption and some recoveries for earlier supply disruptions.

On the demand side, growth continued to be anchored by the private sector that rose 7.7 percent. On the supply side, services and manufacturing sectors remained the key drivers for growth, expanded at 6.5 percent and 4.6 percent, respectively.

Agriculture sector, however, was the major drag, falling 1.1 percent.

Meanwhile, the central bank has maintained its growth forecast this year at 4.9 percent.

"Going forward, the Malaysian economy is expected to remain on a steady growth path," it said, adding that private sector demand will continue to drive the economy amid government spending rationalization, while the external sector is likely to soften with moderating global demand.

Analysts remained cautious on the economic outlook, as private consumption may ease. Lower-than-budgeted oil prices and ongoing trade tensions is expected to pose the key downside risks to growth.

"Looking forward, we expect private consumption to ease to its trend growth rate, after a very strong 2018, in line with a decrease in consumer confidence," ANZ Research said in a note on Thursday.

Public consumption and investment will also remain muted as the Malaysian government continues on its fiscal consolidation path, it added.

"Oil prices, which are currently below the Budget 2019's assumption of 70 U.S. dollars per barrel, constitute a risk to both growth and the fiscal arithmetic. Additionally, ongoing trade tensions also pose a downside risk," the research house said.