Economists revise full-year IP growth forecast to 1.5% on August surge
The previous forecast was 1.0%
Economists have revised their full-year manufacturing growth projection upward following a surge in industrial production (IP) in August.
RHB now expects full-year IP growth to hit 1.5%, up from its previous projection of 1.0%.
RHB attributed its upgrade to three key drivers: the stronger-than-anticipated IP performance in August, a favourable outlook for electronics and select sectors, and an improving global and domestic economic environment.
Manufacturing output rose by 21.0% YoY and 6.7% MoM in August. RHB attributed the surge to e expansion in all clusters except for biomedical.