Economic news

Malaysia's June Factory Output Dips 0.4% y/y

KUALA LUMPUR, Aug 7 (Reuters) - Malaysia’s industrial production fell a marginal 0.4% in June from last year, a decline for the fourth straight month, but was supported by recovery in the manufacturing sector from the coronavirus crisis, government data showed on Friday.

The output index measures factory production from the manufacturing, mining and electricity generation sectors.

The drop, however, was far from the 10.4% fall forecast by analysts surveyed by Reuters. Analysts’ estimates ranged between a 16.5% drop and 1.2% growth.

The data was an improvement from the 22.1% plummet in May.

Data from the Statistics Department also showed that two main sectors tracked by the index posted declines in June, with mining and electricity output falling 17.1% and 2.4%, respectively.

Meanwhile, manufacturing sector recorded a 4.7% growth after industries resumed momentum following a period of lockdown restrictions put in place to curb the spread of the virus.

The growth was led by production of electrical and electronics products, food, beverages and tobacco, and transport equipment, the statement said.

Malaysia’s exports showed signs of recovery in June, rising 8.8% from last year, lifted by upbeat performances in the manufacturing and agriculture sectors, according to government data last week.

(Reporting by Liz Lee; Additional reporting by Rozanna Latiff; Editing by Sherry Jacob-Phillips)

 

Source: Reuters


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree