Malaysia industrial production rises in July, misses expectations

Industrial production in Malaysia rose during the month of July, missing market expectations, helped by strength in the mining, manufacturing and electricity sectors.

Industrial production rose 4.1 percent year-over-year in July, slower than Junes 5.3 percent climb. Economists had expected a 4.5 percent increase for the month, data released by Department of Statistics showed Friday.

Electricity production grew the most by 7.1 percent annually in July, followed by mining and quarrying output with 6.1 percent spike. Manufacturing output registered a gain of 3.3 percent, the data showed.

Another report from the statistical office showed that the manufacturing sales value dropped 3.4 percent in July from a year ago. Total employees in manufacturing rose 0.1 percent and salaries and wages grew by 6.5 percent.

Meanwhile, a private manufacturing purchasing managers’ index showed Malaysian factory activity in August contracted at a quicker rate than in July, following sharper declines in output, new orders and employment, Reuters reported.