Malaysia: Industrial output declines in July
September 9, 2011
In July, industrial production dropped 0.6% over the same month last year, after expanding 1.0% in June. The print came in well below market expectations, which had industrial output growing 2.9%. The decline in industrial production mainly reflected a slowdown in manufacturing (June: +4.5% year-on-year; July: +1.5% yoy), in particular a sharp drop in refined petroleum and chemical products. Meanwhile, the output of the mining sector contracted 7.5% year-on-year, whereas electricity production rose 4.6%. Owing to the deterioration seen in July, annual average growth in industrial production slowed further from 2.2% in June to 1.9%.