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Malaysia Industrial production March 2021

Malaysia: Industrial output grows at quickest pace since July 2013 in March

Industrial output rose 9.3% in year-on-year terms in March, which was well above February’s 1.5% increase. March’s reading marked the best result since July 2013. The reading reflected a broad-based improvement, with activity in the manufacturing, mining and quarrying and electricity and gas sub-sectors all improving in March. However, the reading partly reflected a favorable base effect due to the pandemic’s onset in the same month last year.

On a monthly basis, factory output dropped 2.2% in seasonally-adjusted terms in March, contrasting February’s 6.3% expansion and marking the worst result since April 2020. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 3.5%, up from February’s minus 4.7%.

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