Malaysia's July industrial output beats forecast as mining jumps 14%

Malaysia's July industrial output beats forecast as mining jumps 14%
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KUALA LUMPUR (Sept 10): Malaysia's industrial production index (IPI) grew 6.1% in July from a year earlier on higher manufacturing and mining output, the Statistics Department said.

According to the department's statement today, the IPI's electricity component, however,  fell.

The department said mining and manufacturing output expanded 14% and 4.2% respectively while electricity production contracted 1.2%.

Mining output grew on higher crude oil and natural gas production. Meanwhile, manufacturing output rose on higher production of items including electrical and electronic (E&E), petroleum, chemical and rubber entities.

Year-to-date, the IPI rose 5.5% compared with the previous corresponding period due to the increase in all three components of the index. In monthly terms, July IPI fell 0.1% from the preceding month.

July IPI's 6.1% on-year growth compared with the 4.3% rise in June this year, according to the department.

The July on-year expansion came in above forecast, based on a Reuters' survey. Reuters reported today its poll of economists had forecasted annual industrial output would
grow 4.8%

Reuters reported that data from earlier this month showed July's exports rose 3.5% from a year earlier due to an increase in demand for E&E goods.