Compared to a year ago, industrial production in Malaysia noted a significant surge, government report shows.
A recent report from the Malaysian government shows a 50.1% surge in April compared to a year ago. Accordingly, the figure counts as the highest rate achieved in more than a decade. Robust demand across all sectors is expected to have contributed to the rise.
The production index accounts for factory output in manufacturing, mining and electricity generation.
The result exceeds the forecasted digit compiled through the Reuters poll at 46.1%. Additionally, Malaysia also exhibits an impressive improvement from the 9.3% rise in March. The previous record dates back even further to 2009. Back then, Malaysia noted a 20.2% spike in industrial production in March.
Upon the sharp improvement, the Statistics Department explained that it could be attributable to base effects from a coronavirus lockdown in March of last year. The lockdown, the statement from the Statistics Department said, shut the entire economic activity in Malaysia down.
In addition to this, the report from Reuters revealed that the year-on-year manufacturing output in April rose by 68%. Rising demand for transport equipment and other manufactures, and non-metallic mineral products and basic metal and fabricated metal products helped boost the figure.
The data also showed a 14.3% surge in electricity output. Likewise, Malaysia notes a 22.9% incline in mining for the first time since February.
Exports for Malaysia grew 63% in April as well. The number is by far the fastest pace in Malaysia’s record since 1998. All categories in shipments noted a rise except for liquefied natural gas and transport equipment.
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