Malaysia's Industrial Production Index (IPI) growth moderated to 2.3% year-on-year in September 2024 from 4.1% growth in August due to weak output in the manufacturing and electricity sectors.
In its statement, DOSM said production in the manufacturing sector fell 3.2% in September 2024 from 6.5% in August 2024, influenced by the slower expansion in export-oriented industries recorded in the previous month.
Growth in the electricity sector slowed to 3.9% from 4.2% in the previous month and the mining sector remained in negative territory for the third consecutive month.
Head of Statistics Datuk Seri Dr Mohd Uzir Mahidin said the decline in mining production was mainly influenced by the continued decline in crude oil and condensate production to offset the rebound in natural gas production.
For the third quarter of 2024, Mohd Uzir said the IPI decreased by 3.9% compared to 4.5% in the second quarter of 2024 while throughout the first nine months of 2024, the IPI increased by 3.9% from 0.7% in the third quarter of 2024 which is the same period last year.
Domestically, it shrank 2.7% in September compared to 7.1% in the previous month following a 14.9% drop in motor vehicle manufacturing along with a fall in food processing. – Bernama
