Malaysia’s manufacturing activities are expected to continue to have a positive impact due to improving external demand

Malaysia’s manufacturing activities are expected to continue to have a positive impact due to improving external demand

KUALA LUMPUR: Malaysia’s manufacturing activities are expected to continue to have a positive impact due to improving external demand, in line with the global situation, according to Hong Leong Investment Bank Bhd (HLIB) Research.

In a research note today, HLIB Research said this is in line with Malaysia’s steadily increasing manufacturing capacity utilization rate, which rose to 80.8 percent in the first quarter of 2024 compared to 79.9 percent in the fourth quarter of 2023.

“Therefore, we maintain our projection for Gross Domestic Product (GDP) 2024 to 4.8 percent year-on-year (2023: 3.6 percent year-on-year),” he said.
According to HLIB Research, the global manufacturing Purchasing Managers’ Index (PPI) rose to 50.9 in May from 50.3 in April due to an increase in new orders, completed backlogs and increased international trade volumes.

Yesterday, the Department of Statistics Malaysia (DoSM) said Malaysia’s Index of Industrial Production (IPP) continued to increase by 6.1 percent year-on-year in April 2024, driven by higher output growth in the manufacturing sector.

Chief Statistician Datuk Seri Mohd Uzir Mahidin said IPP growth accelerated in April after recording 2.4 percent in the previous month, maintaining positive momentum for four consecutive months.

April’s IPP also marked the highest growth recorded since September 2022, supported by expansion across all sectors in the month.

CATEGORIES
Share This

COMMENTS

Wordpress (0)