Malaysia: Industrial output drops at sharpest pace in over a decade in March
Industrial production declined 4.9% year-on-year in March, contrasting February’s 6.2% surge. March’s contraction marked the worst reading since September 2009. The downturn was across the board: Manufacturing production, electricity and gas generation, and mining and quarrying output all contracted sharply in the month.
On a seasonally-adjusted month-on-month basis, industrial production dropped 8.9% in March, contrasting February’s 3.6% expansion and marking the worst result on record. Meanwhile, annual average growth of industrial production eased to 1.7% in March, down from February’s 2.4%.