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Malaysia: Industrial production index growth at 6.9% in 2022
PETALING JAYA: Malaysia’s industrial production index (IPI) growth for 2022 narrowed to 6.9% from 7.2% in 2021.
The economic indicator which measures overall output of industrial activity was driven by the manufacturing index, 8.2%; electricity index, 4.5%; and the mining index, 2.8%, the Statistics Department said.
In December 2022, the IPI grew 3% supported by the expansion of the manufacturing and mining sectors.
“The IPI grew in December after an increase of 4.8% in November 2022. The expansion in December 2022 was propelled by the mining index at 4.1% and the manufacturing index at 3%.
“Meanwhile, the electricity index turned downward to minus 1.1% during the month. Based on a month-on-month comparison, the IPI weakened by 0.6% as against the expansion of 0.9% registered in the previous month,” Chief Statistician Datuk Seri Mohd Uzir Mahidin said in a statement.
“The output in the manufacturing sector expanded 3% in December 2022 driven by electrical and electronic products at 7.2%, transport equipment and other manufactures at 8.5%; food, beverages and tobacco products at 3.4%; and non-metallic mineral products, basic metal and fabricated metal products at 2.2%,” he added.
The department also noted that smaller declines were seen in the output of petroleum, chemical, rubber and plastic products at 0.9%; and textiles, wearing apparel, leather products and footwear at 0.5%.
Meanwhile, it also said the production of wood products, furniture, paper products and printing continued to decline by 4.3%.
The department said the production of export-oriented industries rose by 2.7%, while domestic-oriented industries increased by 3.8%. The expansion in the export-based industry was anchored by the manufacture of computers, electronics and optical products; and the manufacture of coke and refined petroleum products.
For the final quarter of 2022, the IPI grew at a slower rate of 4.1% compared with 12.2% in the third quarter. The figure that still showed an increase in the fourth quarter was supported by the growth in manufacturing at 4% and mining at 6.2%, while the electricity index edged down by 0.5%.
Source: https://www.thestar.com.my/business/business-news/2023/02/08/industrial-production-index-growth-at-69-in-2022