KUALA LUMPUR, March 12 — MIDF Research is confident that Malaysia can achieve a stronger 3.7 per cent growth in the industrial production index (IPI) this year compared to the 1.1 per cent recorded in 2023.
The optimism is supported by the recovery in external demand and pick-up in global manufacturing activities.
In a note today, the research house said IPI growth rebounded to 4.3 per cent year-on-year in January 2024, the fastest growth since May 2023.
The performance largely reflected the rebound in the manufacturing sector output such as export-oriented products and motor vehicles.
“Manufacturing sales also rebounded to positive annual growth.
“The value of sales of manufactured goods registered a rebound and grew at 3.2 per cent year-on-year in January 2024 versus a contraction of 4.2 per cent in December 2023, driven by higher sales of motor vehicles, computers & peripherals, chemical & chemical products and consumer electronics,” it noted.
The Department of Statistics Malaysia (DoSM) today said the mining sector also sustained its upward trend registering a growth of 5.0 per cent, while the electricity sector accelerated at a faster pace of 8.3 per cent.
In comparison with the preceding month, the IPI improved by 2.0 per cent compared with the negative 1.3 per cent recorded in the previous month. — Bernama
