Industrial production expansion in May point to GDP growth

Total vehicle sales for the month of May surged 41% year-on-year to 60,780 units, versus 42,977 units in May 2018.

“This is the third consecutive month Malaysia’s actual industrial production has beaten market consensus,” Finance Minister Lim Guan Eng said in a statement today.In the Philippines, Singapore and Thailand, factory output fell 2.1%, 2.4% and 4.0% respectively in May 2019. Like the 4.0% IPI growth, the May 2019 export growth was due to the increased global demand for Malaysian electrical & electronics, and chemical products.

In the first quarter of 2019, approved FDI growth was driven by a 127% increase in approved manufacturing FDI to RM20.2 billion from RM8.9 billion a year ago.Lim said in the second quarter of 2019, Singaporean GDP grew only 0.1% compared to last year or shrank 3.4% quarter-on-quarter.Separate data from the Department of Statistics also showed that the jobless rate fell to 3.3% in May from 3.4% in the preceding month.Vehicle sales are one example of robust domestic demand growth.

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