Malaysia’s industrial production rose a record 50.1% in April from a year ago, marking the highest rate in more than a decade, thanks to stronger demand in all sectors, government data showed on Friday.
KUALA LUMPUR (Reuters) – Malaysia’s industrial production rose a record 50.1% in April from a year ago, marking the highest rate in more than a decade, thanks to a stronger demand in all sectors, government data showed on Friday.
The production index measures the output of factories in the manufacturing, mining and power generation sectors.
The expansion in April exceeded the 46.1% jump predicted by 10 economists in a Reuters poll, and significantly higher than the 9.3% increase recorded in March.
The previous record for industrial production was a peak of 20.2% in March 2009.
The strong improvement reflected the recovery from the base effects of a coronavirus lockdown in March of last year when the government shut down all economic activity, the statistics department said in a statement.
Manufacturing output rose 68% year-on-year in April, driven by demand for transportation equipment and other manufactured goods, as well as non-metallic mineral products and base metals and metal products, the department said. .
Electricity production rose 14.3%, while mining increased for the first time since February last year by 22.9%, the data showed.
Malaysia’s exports rose 63 percent in April, its fastest pace since 1998, on higher shipments in all categories except liquefied natural gas and transportation equipment.
(Reporting by Joseph Sipalan; editing by Uttaresh.V)