KUALA LUMPUR (Jan 11): Malaysia’s Industrial Production Index (IPI) declined for the second consecutive month, after recording a 2.2% year-on-year (y-o-y) contraction in November 2020, due to a significant decrease of 15.4% in the IPI’s mining component, while electricity output fell 2.5%.

In a statement today, the Department of Statistics Malaysia (DOSM) said the IPI’s manufacturing segment grew 2%.

"The mining-sector output dropped 15.4% in November 2020 as compared to the same period of the previous year. The decrease was influenced by the crude oil and condensate index (-15.8%) and natural gas index (-15.1%).

"The manufacturing-sector output based on a year-on-year comparison grew by 2% in November 2020 after recording a growth of 2.4% in October 2020. 

"The major sub-sectors contributing to the growth in the manufacturing sector in November 2020 were electrical and electronics products (8.3%), transport equipment and other manufactures (6.5%), and petroleum, chemical, rubber and plastic products (2%),” the department said.

Prior to the IPI’s contraction in November 2020, the index fell 0.5% y-o-y in October after growing 1% in September, according to the department.