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Malaysia PMI January 2024

Malaysia: Manufacturing PMI rises to 16-month high in January

The S&P Global Manufacturing PMI improved to 49.0 in January from 47.9 in December. As a result, the index remained below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing sector operating conditions compared to the previous month. January’s result is the highest since September 2022. The latest data for the manufacturing sector suggests a slight increase in the GDP growth rate in Q4.

January saw lower decreases in output and new orders, as well as a softer fall in employment. In addition, purchasing activity contracted at the slowest pace in eight months. Meanwhile, price pressures were muted overall and stemmed from higher raw material costs and a weak exchange rate. Lastly, manufacturers grew more optimistic about future demand.

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