March industrial production up, data shows

KUALA LUMPUR: Industrial production rose 2.8 per cent in March compared with a year earlier, government data shows.

It was higher than the median 2.7 per cent annual growth pace predicted by economists, the Nikkei Asian Review reported.

However, it was lower than February’s expansion of 3.9 per cent.

The department of statistics said this expansion lifted the industrial production index – a measure of output from factories, mines, and power plants – 3.3 percent from a year earlier in the first three months of this year.

The Nikkei Asian Review report quoted economists as saying that the latest reading indicated that manufacturing activities remained robust and in keeping with foreign demand.

This, it said, had help cushion the impact of weak commodity prices.

JF Apex Securities was quoted as saying: “Electronics and electrical products continued positive growth after expanding 5.5 per cent year on year.”

JF Apex expects industrial production to rise 3.8 per cent in April, helped by strong activities in the manufacturing and electricity sectors.

The manufacturing sector rose 4.4 per cent year on year in March while the electricity index surged 7.7 per cent compared with the same month last year. However, mining activity fell 2.5 per cent from a year earlier, the report said.

Data released by the government earlier this month showed Malaysia’s exports grew only 0.2 per cent year on year in March, mainly due to lower earnings from crude oil and liquefied natural gas.

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