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Malaysia Factory Output Slows

Malaysia Factory Output SlowsMalaysia Factory Output Slows

Malaysia’s industrial production growth rate decelerated in October, slowing for the second month in a row as mining output and factory activities eased, while electricity generation rose, official data released Tuesday show, Nikkei reported. The industrial production index—a measure of output from mines, power plants and factories—rose 3.4% in October from a year earlier, the Department of Statistics said. In September, the index had risen 4.7% year-on-year after expanding 6.8% in August. Economists said the latest data suggest that growth the third-largest Southeast Asian economy will likely moderate in the fourth quarter but still remain robust thanks to resilient domestic demand and shipments of manufactured goods. “Growth momentum from the third quarter will likely continue into the fourth quarter,” said Affin Investment Bank’s Economist Alan Tan. “The electronics sector continues to hold up and we’re seeing output from domestic-oriented industry continuing to strengthen.” Tan estimates the economy to grow 5.5% from a year earlier in the fourth quarter, while full-year growth will likely come in at the upper-end of official forecast of 5.2% - 5.7%.

 

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