Malaysia: Industrial production increases in April
June 11, 2012
In April, industrial production grew 3.1% over the same month last year, which was well above the 1.5% rise tallied in March (previously reported: +0.6% year-on-year). Moreover, the print overshot market expectations that had industrial production rising 2.0%. According to the statistical office, the acceleration seen in April was mainly due to a strong rise in manufacturing output as well as a softer decline in the mining index. A month-on-month analysis, however, does not corroborate the improvement suggested by the annual figures, as industrial production contracted 1.7% in seasonally adjusted terms (March: -5.2% month-on-month). As a result, the trend pointed upwards, with annual average growth in industrial production stepping up from 1.6% in March to 1.8%. The Central Bank expects GDP to expand between 4.0% and 5.0% this year.