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Malaysia's May factory output grows 2.7% on year, above forecast
[KUALA LUMPUR] Malaysia's May industrial production grew by a better-than-expected 2.7 per cent from a year earlier, due to strength in the manufacturing and electricity sectors, government data showed on Tuesday.
Factory output growth was slightly slower than the previous month's pace of 3.0 per cent, but above the 2.0 per cent rise forecast by economists.
Electricity output grew 9.6 per cent on-year, picking up slightly from the previous month's 9.4 per cent, data from the Statistics Department showed. However, mining output declined.
Malaysia's exports in May had fallen unexpectedly, as global oil prices remained weak.
A private manufacturing purchasing managers' index showed Malaysian factory activity in June contracted for the 15th straight month, with production falling at its sharpest rate since October 2012.