Malaysia: Industrial output grinds to near halt in October
Industrial output rose a meager 0.3% on an annual basis in October, down from the 1.7% increase in September, and markedly missing market expectations of 1.4% growth. Meanwhile, annual average growth in industrial output fell to 2.5% in October from 2.8%.
Weaker industrial production came on the back of a notable contraction in mining and quarrying output and sharp slowdown in electricity and gas generation. Meanwhile, the manufacturing sector lost some steam, despite a pick-up in production of electrical and electronics products.
On a month-on-month seasonally adjusted basis, industrial production fell 1.0% in October, following the 0.3% decline in September.