Malaysia’s industrial output expanded faster than expected in July as manufacturing activities picked up and mining production rebounded, official data showed.
The industrial production index, which measures output from factories, power plants and mines, climbed 4.2% when compared to the same month in 2024. The print is significantly higher than the median 2.8% increase predicted in a Bloomberg poll and June’s revised 2.9% year-on-year gain.
The index, however, shrank 0.3% on a month-on-month basis in July, according to a statement from the Department of Statistic Malaysia on Thursday.
On a year-on-year basis, growth of the key manufacturing sector accelerated to 4.4% in July from 2.9% a month earlier. Growth of export-oriented industries, which form the bulk of the manufacturing sector, gained speed led by electronics products and machinery.
Domestic-oriented industries, meanwhile, were a smidge lower at 5.0% as manufacturing of paper products fell while that of basic metals and fabricated metal products advanced.
Higher production of crude oil and natural gas meanwhile lifted the mining index into positive territory with a 4.3% increase. Electricity generation grew by 1.6%, down from a 2.3% year-on-year increase in June.
Source: theedgemalaysia