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Malaysia Industrial production February 2024

Malaysia: Industrial output growth deteriorates in February

Industrial output grew 3.1% year on year in February (January: +4.3% yoy). The figure was partly due to a deterioration in manufacturing production growth. In contrast, mining and quarrying production picked up pace.

On a seasonally adjusted monthly basis, industrial production rose at a softer pace of 1.2% in February (January: +2.6% mom). Meanwhile, annual average industrial production growth fell to 0.9% in February (January: +1.0%), which marked a ten-month low.

Analysts at the EIU said:

“We believe that the pick-up in global semiconductor demand will continue more strongly from mid-2024. This will enable Malaysia to report growth in output of computers, electronic and optical products in the low single digits this year. This will be dwarfed by stronger growth in output of rubber and plastic products, natural gas and crude oil.”

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