Malaysia: Industrial production continues to improve in May
July 11, 2012
In May, industrial production grew 7.6% over the same month last year, which more than doubled the 3.2% rise tallied in April (previously reported: +3.1% year-on-year) and overshot market expectations that had industrial production rising 5.3%. According to the statistical office, the acceleration seen in May was mainly due to a strong rebound in the mining sector as well as a robust increase in manufacturing output. A month-on-month analysis corroborates the improvement suggested by the annual figures, as industrial production expanded 3.0% in seasonally adjusted terms, which contrasted the 1.7% contraction seen in April. As a result, the trend pointed upwards, with annual average growth in industrial production stepping up from 1.8% in April to 2.9% in May.