In a research note today, the research house said manufacturing performance is expected to improve, driven by further improvement in external demand, backed by the technology sector’s upswing and China’s economic recovery. ― Picture by Sayuti ZainudinKUALA LUMPUR, May 13 — Although Malaysia’s Industrial Production Index slowed in March at 2.4 per cent compared to 3.1 per cent in February, it had surpassed expectations with manufacturing recovery remaining intact, said Kenanga Research.
It noted that the IPI recorded a decline of 0.2 per cent following contractions across both mining and electricity production , and growth was also dragged down by softer manufacturing production compared to February . “Likewise, we maintain our first quarter 2024 Gross Domestic Product growth target at 3.3 per cent, slightly lower than the advanced GDP estimate by the Department of Statistics Malaysia at 3.9 per cent. Overall, our growth forecast remains at 4.5 to 5.0 per cent in 2024,” it said.
Manufacturing Sector
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