It's a sign of resilience, says BBVA.
According to the latest official data release, Malaysia's industrial production index in October grew by 5.8% y/y (consensus: 2.0% y/y) from a revised 5.0% y/y increase in September. BBVA notes that electricity and manufacturing production both held up well (growing by 4.4% y/y and 5.8% y/y), and mining, which has been the weakest of the three throughout the year, grew by 6.1% y/y.
"The outturn was welcome news after the report of a -3.2% y/y contraction in October exports last week, and is further evidence of the resilience of growth in ASEAN economies," said BBVA.
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