IPI rebounds 2.7% in October 2023 on robust performance in mining sector


KUALA LUMPUR: The Industrial Production Index (IPI) rebounded 2.7 per cent in October 2023, spearheaded by the robust performance of the mining sector, alongside continuous growth in electricity and manufacturing output, the Department of Statistics Malaysia (DoSM) said.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the IPI regained positive momentum in October recording the 2.7 per cent year-on-year growth compared to a negative 0.5 per cent registered in the previous month.

"The increase in October 2023, which was the highest since May 2023, was driven by the robust performance in the mining sector at 8.7 per cent (September 2023: -5.2 per cent).

"In the meantime, the growth of the electricity and manufacturing sectors continued, with 5.8 per cent (September 2023: 2.5 per cent) and 0.9 per cent (September 2023: 0.4 per cent) respectively,” he said in a statement.

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Mohd Uzir elaborated that the increase in the manufacturing output in October 2023 was underpinned by the expansion in the domestic-oriented industries by 6.7 per cent (September 2023: 5.8 per cent).

Meanwhile, on a month-on-month comparison, the IPI rose by 2.2 per cent, marking a rise for three consecutive months following the 1.1 per cent recorded in September 2023.

Concluding his statement on the IPI performance for the first ten months of 2023, Mohd Uzir said the IPI expanded at a slower rate of 1.0 per cent compared to the same period of the previous year (January-October 2022: 7.3 per cent) with all sectors posting positive growth namely the electricity index (2.1 per cent); manufacturing index (1.1 per cent); and mining index (0.6 per cent). - Bernama

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DoSM , IPI , October , Mohd Uzir Mahidin , Manufacturing , Mining

   

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