Malaysia's industrial production beats forecast, jumps 7.6%

Mining, electricity, manufacturing led growth.

According to Bank of America Merrill Lynch, Malaysia's industrial production expanded +7.6% in July from a year ago, vs. +3.7% in June, far exceeding market and BofAML's expectations. 

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Output grew at a faster pace across the board, led by mining (+15.4%), electricity (+6.2%) and manufacturing (+5.4%).

Production in the mining sector was led by natural gas (+44%) and crude oil (+4.4%), while manufacturing sector performance was driven by petroleum, chemical, rubber & plastic products, non-metallic mineral products, and transport equipment & other manufactures, among others.

On a month-on-month seasonally adjusted basis, IP growth of +1.9%, was led by manufacturing (+2.5%).