Economy

Malaysia July factory output up 6.1 pct y/y, above forecast

Malaysia July factory output up 6.1 pct y/y, above forecast”

July's factory output was due to strength in the manufacturing, electricity and mining sectors, according to data from the Statistics Department.

Manufacturing output grew 8 per cent from a year earlier in July, boosted by growth in the food, tobacco, and electrical and electronic products subsectors.

The 6.1% rise in the industrial-production index, or IPI, which measures output from mines, factories and power plants, was higher than the median 4.5% growth forecast in a poll of seven economists by The Wall Street Journal. "We expect external demand to continue supporting Malaysia's growth in second half of the year".

Meanwhile, Malaysia's July manufacturing sales continued to record a strong growth of 22.2 per cent, rising to RM63.9 billion as compared to RM52.3 billion reported a year ago.

The faster growth rate may be due to the export that was holding well, especially the E&E sector, he added. The mining sector also increased marginally by 0.2 percent.

Industrial production growth this year has been driven mostly by export-reliant output and "this trend seems to be apparent in the latest numbers with substantial growth" coming from the electrical and electronics, chemicals and petrochemicals sectors, said RAM Ratings' economist Kristina Fong.



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