KUALA LUMPUR (May 12): Malaysia’s industrial production index (IPI) dropped 4.9% in March 2020 from a year earlier due to the decrease in all three components of the index.
In a statement today, the Statistics Department said the IPI’s manufacturing component fell 4.2% while the mining and electricity segments declined 6.5% and 7% respectively.
"The Department of Statistics Malaysia also reports that on [a] year-on-year basis, the manufacturing sector output dropped 4.2% in March 2020 after recording an increase of 6.2% in February 2020. The major sub-sectors contributing to the decrease in [the] manufacturing sector in March 2020 were electrical and electronics products (-5.0%), Non-metallic mineral products, basic metal and fabricated metal products (-9.8%), and food, beverages and tobacco (-9.9%).
"The mining sector output dropped 6.5% in March 2020 as compared to the same period of the previous year. The negative growth was due to the decrease in natural gas index (-6.0%) and crude oil and condensate index (-7.1%).
"The electricity sector output decreased 7.0% in March 2020 as compared to the same month of the previous year,” the department said.
In quarterly terms, Malaysia’s IPI grew 0.4% in the first quarter of 2020 from a year earlier, according to the department.
"This positive growth was contributed by the increase of 1.3% in [the] manufacturing index.
"Meanwhile, [the] electricity index and mining index recorded a reduction of 0.4% and 1.8% respectively,” it said.
Malaysia’s IPI dropped 4.9% year-on-year in March 2020 after rising 6.2% in February from a year earlier, the department said.