Industrial Production Index rises 1.7 pct in December 2020

Industrial Production Index rises 1.7 pct in December 2020

08 Feb 2021

KUALA LUMPUR, Feb 8  — The Industrial Production Index (IPI) grew 1.7 per cent in December 2020 compared to the same month of the previous year, driven by the manufacturing index of 4.1 per cent, said the Department of Statistics Malaysia (DOSM). 

However, it said the mining and electricity index dropped 5.4 per cent and 0.2 per cent, respectively.

The department said the manufacturing sector output based on year-on-year comparison rose by 4.1 per cent in December 2020 after recording a growth of 2.0 per cent in November 2020.

“The major subsectors contributing to the growth in the manufacturing sector in December 2020 were transport equipment and other manufactures (8.4 per cent), petroleum, chemical, rubber, and plastic products (7.7 per cent), and electrical & electronics Products (7.6 per cent),” the DOSM said in a statement on Monday..

It added that the mining sector output dropped 5.4 per cent in December 2020 compared to the same period of the previous year, and the deterioration was due to a decrease in crude oil and condensate index (-9.0 per cent) and natural gas index (-2.5 per cent).

The electricity sector output edged down 0.2 per cent in December 2020 compared to the same month of the previous year.

Meanwhile, the IPI for the fourth quarter 2020 fell 0.3 per cent compared to the same period of the previous year, largely due to the contraction in mining (-10.5 per cent) and electricity (-0.6 per cent) but on the other hand, manufacturing sector recorded an increase of 2.8 per cent.

The IPI for overall 2020 declined 4.2 per cent compared to the previous year, influenced by all indices, namely mining index (-9.7 per cent), electricity index (-3.7 per cent) and manufacturing index (-2.7 per cent). 

Source: Bernama