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Industrial production in Malaysia improved during the month of October, driven by buoyant electricity and manufacturing sectors. Also, strength in the mining sector added to the growth.
Malaysia’s industrial production climbed 4.2 percent year-over-year in October, faster than September's 3.1 percent rise, data released by Department of Statistics showed Friday. Among sectors, manufacturing production grew 4.2 percent annually in October and mining output rebounded by 3.5 percent. The electricity output expanded steadily by 6.9 percent.
In another report, the statistical office revealed that the manufacturing sales value rose 1.9 percent in October from a year ago. Total employees engaged in manufacturing sector increased 0.1 percent and salaries and wages went up by 5.7 percent.
In addition, Malaysia's exports in October suffered their biggest drop in 18 months, falling 8.6 per cent, which the government said stemmed from a high base a year earlier. A private manufacturing purchasing managers' index showed Malaysian factory activity in November contracted again, with new orders declining at the sharpest rate since mid-2012.
"The industrial output growth matters more to manufacturing sector performance and consequently on GDP growth. As long as IPI continues to march north, we can expect the improvement in GDP growth to persist," DBS commented in its latest research report.
