Malaysia’s industrial production jumps 4.7% in May, exceeding economists’ forecast

[KUALA LUMPUR] Malaysia’s industrial production index (IPI) in May increased 4.7 per cent from a year earlier, boosted by factory output from domestic-oriented industries, said the Department of Statistics Malaysia (DOSM) on Wednesday (Jul 12).

The growth reversed the downturn in the previous month – industrial production was down 3.3 per cent in April – and well exceeded the forecast of 0.5 per cent growth by a group of 12 economists in a recent Reuters poll.

Economists said the latest industrial production data showed that domestic sectors will remain the primary growth driver for Malaysia’s economy as external demand slows.