Malaysia's Industrial Production Index (IPI) rose 3.6% year-on-year in November 2024, marking the eleventh straight month of growth, government data showed Friday.
The manufacturing sector led with a 4.6% increase, up from 3.3% in October, while electricity output grew 3.9%. Mining output fell 0.8%, an improvement from October's 2.8% decline.
Export-driven industries surged 5.6%, with electronics, petroleum products, and plastics leading the way.
Domestic industries grew 2.6%, driven by food processing, fabricated metal products, and non-metallic mineral products. On a monthly basis, IPI increased by 0.5%, following a 1.7% rise in October.
This positive data comes after Malaysia's central bank kept its Overnight Policy Rate (OPR) at 3%, unchanged since May 2023, as it continues to prioritize economic growth amid global uncertainties.
From January 2024 to November 2024, Malaysia's IPI grew by 3.7%, supported by gains in mining, manufacturing, and electricity.
Despite global industrial production growth in China, Singapore, and Vietnam, Malaysia's manufacturing sector outperformed expectations, while Japan, the US, and Thailand saw declines.
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