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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. 

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