Financial News: Malaysia Industrial Production Growth Moderates In January

Malaysia Industrial Production Growth Moderates In January

03/13/2023 - 06:02:00 (RTTNews)

(RTTNews) - Malaysia's industrial production grew at the slowest pace in 17 months in January on weak manufacturing and electricity output, data from the Department of Statistics showed Monday.

Industrial production expanded only 1.8 percent on a yearly basis in January, following a 2.8 percent rise in the preceding month. This was the weakest growth since August 2021.

Within three main sectors, manufacturing gained 1.3 percent, slower than the 3.0 percent increase in December.

The growth in manufacturing was weighed down by the export-oriented industries which rose at a slower pace of 0.6 percent. The production of domestic-oriented industries that contributed to one-third of the overall manufacturing output grew 2.7 percent. At the same time, electricity output shrank 4.3 percent, bigger than December's 2.2 percent drop. This was the second consecutive decline.

By contrast, mining output grew at a faster pace of 5.9 percent, underpinned by crude oil and natural gas output.

On a monthly basis, industrial production declined 2.3 percent after a moderate 0.6 percent decrease in the previous month, data showed.

In a separate communiqué, the statistical office said the sales value of manufacturing expanded at a pace of 6.5 percent after rising 8.8 percent in December. Nonetheless, the continuous positive momentum in sales value was fortified by the double-digit growth in transport equipment & other manufactures and Petroleum, chemical, rubber & plastic products sub-sectors.

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