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KUALA LUMPUR, Sept 9 (Bernama) — RHB Investment Bank Bhd expects Malaysia’s industrial production (IP) to slow between August and December 2022, reflecting weak global growth, tightening monetary conditions, and labour shortages.
In a note, the investment bank said the slowdown in the industrial production index (IPI) started in July, declining 4.7 per cent month-on-month (m-o-m) versus 9.6 per cent in June.
Manufacturing activities soften slightly for the month due to slower activities from both domestic and export-oriented industries, it said.
The IPI expanded 6.6 per cent year-on-year in the first seven months of 2022,
“In view of heightened downside risks due to slower growth in major economies such as the European Union and China, and tightening monetary conditions, the upward momentum in IPI growth may taper towards year-end, translating into a full-year IPI growth of 5.4 per cent y-o-y for 2022.
“Softening momentum in export growth is to be anticipated in upcoming months, especially from the electrical and electronics and commodity-related sectors, which in turn, may exert downward pressure on manufacturing sector activities in Malaysia,” it said.
RHB Investment Bank said semiconductor sales have started to lose momentum in recent months amid easing of consumer electronics demand, complicated further by geopolitical tensions.
The S&P Global Malaysia Manufacturing Purchasing Managers’ Index have slowed to 50.3 points in August versus 50.6 points in July amid softer export demand for Malaysian manufactured goods.
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