Malaysia: Industrial activity drops at sharpest rate since May 2020 in July
Industrial output tumbled 5.2% year-on-year in July (June: +1.4% yoy), marking the worst reading since May 2020. The figure largely reflected a dive in manufacturing production. In addition, electricity and gas output contracted at a steeper rate, while mining and quarrying production growth slowed markedly over the prior month.
On a monthly basis, factory output plummeted 6.1% in seasonally-adjusted terms in July, contrasting June’s 1.4% expansion and marked the worst result since April 2020. Moreover, the annual average industrial production growth fell to 5.3% in July from June’s 5.9%, signaling a worsening trend in the industrial sector.