Malaysia Feb factory output up 4.7% y/y, below forecast
[KUALA LUMPUR] Malaysia's industrial production in February rose 4.7 per cent from a year earlier, rebounding after two months in which the pace of expansion slowed, government data showed on Tuesday.
Factory output was up from the 3.5 per cent annual increase in January, but missed the 7.3 per cent rise forecast in a Reuters poll.
February's expansion was supported by gains in the manufacturing, electricity and mining sectors, data from the Statistics Department showed.
Manufacturing output rose 6.5 per cent from a year earlier, helped by strong growth in the food and electronic products sub-sectors, the data showed.
Mining output grew only marginally at 0.4 per cent, due a decline in the crude oil index.
Malaysia's export growth was at a near seven-year high in February, at 26.5 per cent above a year earlier. This was due to a jump in shipments of manufactured goods and commodities and a low base for comparison, thanks to the timing of the Lunar New Year holiday.
According to the IHS Markit manufacturing purchasing managers' index, Malaysian factory activity contracted again in March, but output rose for a second month in a row, the first back-to-back growth in two years.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Warner Bros CEO earned US$49.7 million in strike-impacted year
Teheran signals no retaliation against Israel after drones attack Iran
India central bank cannot let its inflation guard down just yet, MPC minutes show
China’s Jan-March foreign investment inflows down 26%
South Korea government offers first compromise to end doctors' strike
Japanese AI tool predicts when recruits will quit jobs