Malaysia: Industrial output growth slows to five-year low in July
Industrial output increased 1.2% over the same month a year prior in July, down from the 3.9% rise recorded in June, marking a five-year low and missing market expectations of 3.5% growth.
A weaker performance in July was chiefly due to a sharp contraction in mining and quarrying output as crude oil production and weaker natural gas output weighed heavily on the sector. Nevertheless, manufacturing production and electricity and gas supply picked up in the month.
On a month-on-month basis, industrial production dipped 0.4% in July, following the 1.1% decline registered in June. Meanwhile, annual average growth in industrial output edged down to 2.9% from 3.1%.