Malaysia: Industrial production weakens in June
August 9, 2012
In June, industrial production grew 3.7% over the same month last year, which was more than half the 7.7% rise tallied in May (previously reported: +7.6% year-on-year) and undershot market expectations that had industrial production rising 4.8%. According to the statistical office, the deceleration seen in June was broad-based, and was driven in particular by a contraction in the mining sector. A month-on-month analysis corroborates the deterioration suggested by the annual figures, as industrial production dropped 1.9% in seasonally adjusted terms, which contrasted the 3.0% rise seen in May. Despite the slowdown, the trend pointed upwards, with annual average growth in industrial production stepping up from 2.9% in May to 3.2% in June.