| Malaysia exceeded market expectations with a 4.0% industrial production index growth In May 2019, And together with solid expansion in exports and domestic demand, they point towards a sustained second quarter economic growth.
Meanwhile on July 3, 2019, S&P Global Ratings affirmed Malaysia’s issuer credit rating at A- with a stable outlook.In the Philippines, Singapore and Thailand, factory output fell 2.1%, 2.4% and 4.0%, respectively in May 2019. Furthermore, in the second quarter of 2019, Singapore's GDP only grew 0.1% compared to last year or shrank 3.4% quarter-on-quarter.
The strong IPI growth is reflected in Malaysia’s manufacturing sales, which grew 6.7% to RM69.7 billion in May 2019, from RM65.5 billion a year ago. Meanwhile, Malaysian exports expanded in May by 2.5% year-on-year, again beating the market consensus of 2.2%. Similar to the 4.0% IPI growth, the May 2019 export growth was due to an increased in global demand for Malaysian electrical & electronics, and chemical products.
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