The industrial sector marks a healthy start to Q4 with a robust-build up and economic improvement
Data by the Department of Statistics indicated that Malaysia’s industrial sector makes a strong start to Q4 as output increased by 5.5 percent year-on-year in October, said EIU.
With the gradual easing in restrictions since September, there is a robust build-up (sequential, as well as annual) of growth momentum in industrial production along with an improvement in economic conditions.
EIU expects industrial output to continue to expand at an adequate rate throughout the rest of the year and for most of 2022.
Manufacturing, out of the three key components of the industrial production index – mining, manufacturing, and utilities – continued to be the main driver of growth.
Manufacturing output recorded an eight percent rise year-on-year, followed by a 13.6 percent increase in the production of electrical and electronic (E&E) goods.
Malaysia’s population is almost 80 percent fully-vaccinated, and in line with its booster programme, this will help slow the viral transmission rate and avoid prolonged nationwide lockdowns.
The report said, “The gradual easing of restrictions and an anticipated pick-up in global demand (particularly Malaysian-made E&E products and petroleum, chemical, rubber, and plastic products) will bolster industrial production in 2022.
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