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Higher industrial output hints at stronger 2Q GDP
by Cals Thu 13 Jun 2013, 10:31
| Higher industrial output hints at stronger 2Q GDP |
| Business & Markets 2013 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Thursday, 13 June 2013 10:24 |
| A + / A - / Reset KUALA LUMPUR: Malaysia’s latest industrial output numbers may offer a “sequential boost” to the country’s second quarter GDP numbers, according to Citi Research. In a note, Citi said the rise in April manufacturing and electricity output may support the local economy during the quarter. “With election uncertainties behind us, implementation of previously approved projects could keep investment growth robust in 2H13. “This together with continued intermediate goods imports for re-stocking will place some near-term pressure on the current account and net exports will likely remain a drag until exports do pick up, likely also in 2H13,” Citi said. The Statistics Department said on Tuesday the nation’s industrial production index (IPI) rose 4.7% in April from a year earlier. In monthly terms, the IPI rose 3.9%. Growth in manufacturing and electricity output had supported the IPI’s rise as mining production fell. Citi has maintained its GDP growth forecast for Malaysia at 5.2% this year. According to the firm, higher capacity from investment surge should keep demand-pull inflation pressures at bay. City expects headline inflation to come in below 3% which should allow Bank Negara Malaysia to maintain interest rates at current levels for the rest of the year. |
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