Malaysia industrial production to dip 2.3%

This will be the economy's first contraction since July last year.

According to DBS, industrial production index for August due today will likely mirror the poor export performance in the same month. The headline number is expected to post a contraction of 2.3% YoY.

Here's more from DBS:

This will be the first contraction in industrial output since July last year. It’s not pretty but that’s the reality of what it is in the global economy at present. Demand has been falling and is expected to fall further even if festive season demand may provide some temporary respite in the latter part of the year. This implies continued deterioration in the export and industrial performance.

Separately, PMIs of the key markets are generally heading south. And the SEMI book-to-bill ratio is suggesting a cyclical downturn in electronics demand. Practically all the external indicators are pointing to weaker global economic conditions ahead.

Against such a background, there is no way industrial activity will ever pick up in the near term. This will translate into slower growth momentum in the second half of the year despite the resilient domestic demand.

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