Malaysia Industrial production December 2020


Malaysia: Industrial output records quickest growth since February in December

February 8, 2021

Industrial output increased 1.7% compared to the same month of the previous year in December 2020, bouncing back from November's 2.2% decrease and marking the best result in ten months. December’s upturn was chiefly driven by a stronger expansion in manufacturing output.

On a seasonally-adjusted monthly basis, industrial production rebounded, rising 3.9% in December (November: -0.9% s.a. mom), the best result since June. Moreover, the trend improved slightly, with the annual average variation of industrial production coming in at minus 4.2% in December, up from November's minus 4.3% reading.

Commenting on December’s result Euben Paracuelles and Rangga Cipta, analysts at Nomura, stressed:

“This improvement was likely due to the relaxations of conditional movement control orders (CMCO) in most states in December and stronger exports. […] The improvement of IP growth in December will likely be temporary, given the re-imposition of lockdowns in mid-January.”

FocusEconomics Consensus Forecast panelists expect industrial output to grow 6.2% in 2021, which is down 0.2 percentage points from last month’s forecast. For 2022, panelists expect industrial output to expand 4.3%.


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Malaysia Industrial production Chart

Malaysia Industry December 20 20

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Department of Statistics Malaysia (DSM).

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