Malaysia's Nov IPI contracts 2.2%


KUALA LUMPUR: Malaysia's industrial production index contracted 2.2% in November 2020 as compared to the same month in 2019, despite a 0.2% median growth forecast by a survey of Bloomberg economists.

The Department of Statistics Malaysia said in a statement that the country's mining index fell 15.4% while the electricity index dropped 2.5%.

The contraction of the mining index accelerated from October, when it declined 10.6%. The electricity index grew 0.8% in October.

The manufacturing index recorded 2% growth year-on-year although this was slower than the 2.4% increase seen in October.

"The major sub-sectors contributing to the growth in manufacturing sector in November 2020 were electrical & electronics Products (8.3%), transport equipment & other manufactures (6.5%) and petroleum, chemical, rubber & plastic products (2%)," said chief statistician Datuk Sri Mohd Uzir Mahidin.

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