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Malaysia's June factory output dips 0.4% year on year
[KUALA LUMPUR] Malaysia's industrial production fell a marginal 0.4 per cent in June from last year, a decline for the fourth straight month, but was supported by recovery in the manufacturing sector from the coronavirus crisis, government data showed on Friday.
The output index measures factory production from the manufacturing, mining and electricity generation sectors.
The drop, however, was far from the 10.4 per cent fall forecast by analysts surveyed by Reuters. Analysts' estimates ranged between a 16.5 per cent drop and 1.2 per cent growth.
The data was an improvement from the 22.1 per cent plummet in May.
Data from the Statistics Department also showed that two main sectors tracked by the index posted declines in June, with mining and electricity output falling 17.1 per cent and 2.4 per cent, respectively.
Meanwhile, manufacturing sector recorded a 4.7 per cent growth after industries resumed momentum following a period of lockdown restrictions put in place to curb the spread of the virus.
The growth was led by production of electrical and electronics products, food, beverages and tobacco, and transport equipment, the statement said.
Malaysia's exports showed signs of recovery in June, rising 8.8 per cent from last year, lifted by upbeat performances in the manufacturing and agriculture sectors, according to government data last week.