Malaysia's April factory output up 3% on year, below forecast

[KUALA LUMPUR] Malaysia's industrial production in April grew 3.0 per cent from a year earlier, supported by strength in the manufacturing and electricity sectors, government data showed on Friday.

April's factory output growth picked up slightly from the previous month's pace of 2.8 per cent but was below the 3.5 per cent rise forecast by economists.

Malaysia's exports in April also grew 1.6 per cent from a year earlier, on higher shipments of manufactured goods and palm oil.

However, a private manufacturing purchasing managers' index showed Malaysian factory activity in May contracting for the 14th straight month, recording the sharpest rate of decline in over 3.5 years due to poor market conditions and falling demand.

REUTERS