Malaysia's August 2020 industrial output up 0.3% y-o-y, led by manufacturing growth

Malaysia's August 2020 industrial output up 0.3% y-o-y, led by manufacturing growth
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KUALA LUMPUR (Oct 12): Malaysia’s Industrial Production Index (IPI) grew 0.3% in August 2020 from a year earlier, led by a 2.4% rise in the IPI’s manufacturing component, while the mining and electricity segments showed a decrease, the Department of Statistics Malaysia (DOSM) said today.

In a statement today, the department said the mining and electricity segments showed decreases of 6.7% and 1.2% respectively.

"The manufacturing sector output based on year-on-year (y-o-y) comparisons grew by 2.4% in August 2020 after recording an increase of 2.9% in July 2020. The major sub-sectors contributing to the growth in the manufacturing sector in August 2020 were electrical and electronics products (6.9%), transport equipment and other manufacturers (6.9%) as well as food, beverages and tobacco (4.7%).

"The mining sector output dropped 6.7% in August 2020 as compared to the same period of the previous year. The deterioration was due to decreases in the crude oil and condensate index (-5%) and the natural gas index (-8%)," the DOSM said.

The IPI’s y-o-y growth of 0.3% in August 2020 followed a 1.2% expansion in July 2020, according to the department.