IPI up 12.1% year-on-year in June, better than forecast


KUALA LUMPUR: The Industrial Production Index (IPI) increased 12.1% in June 2022 as compared to the same month of the previous year, exceeding the forecasts by Reuters.

According to 12 economists surveyed in a Reuters poll, June’s IPI was expected to rise by 4.9%.

In a statement, the Statistics Department (DOSM) said the manufacturing output component rose 14.5%, the electricity sector increased 14.1% and the mining segment grew 2.1%.

“The IPI for the second quarter of 2022 grew 6.9% as compared to the same period of the previous year. The increase was attributed to the growth in the manufacturing index (9.3%) and the electricity index (5.8%). Meanwhile, mining index contracted 1.1%,” it said.

On a year-on-year (YoY) basis, the manufacturing sector output increased by 14.5% in June 2022 after recording a growth of 6.9% in May 2022.

The main subsectors that contributed to the growth in the manufacturing sector in June 2022 were transport equipment & other manufacturing products (89.9%), electrical & electronics (16.9%) and non-metallic mineral products, basic metal & fabricated metal products (25.1%).

The mining sector output rose 2.1% in June 2022 as compared to the same period of the previous year. The growth was spearheaded by the increment of 5.5% in the natural gas index. Meanwhile, the crude oil and condensate index declined 2.4%.

“The IPI in the period of January to June 2022 recorded an expansion of 5.7% as compared to the same period of the previous year. This increment was supported by the manufacturing index (7.8%) and electricity index (4.7%) while the mining index shrank 1.4%,” DOSM said.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

   

Next In Business News

Going gets tough for Malaysia ahead of 2023
Asia’s inflation still moderate
Steady residential sector
Bermaz rides on buoyant car sales
Headline inflation for August hits 4.7% year-on-year
Steel makers fear deepening crisis
Prospects for Covid-19 vaccine companies diminish
Short position: Glove makers, MREITs
No intervention likely to actively boost ringgit
Islamic fintech growing fast in the country

Others Also Read