Malaysia's Manufacturing Firms Lose Further Growth Momentum In November

Malaysia's manufacturing firms lose further growth momentum in November

KUALA LUMPUR, Dec. 1 (UrduPoint / Pakistan Point News - 1st Dec, 2022 ) --:The Malaysian manufacturing sector moderated further midway through the final quarter of 2022 with waning demand, a central feature within the latest survey data revealed by S&P Global Market Intelligence on Thursday.

In a statement, S&P Global said the seasonally adjusted S&P Global Malaysia Manufacturing Purchasing Managers' Index (PMI) posted at 47.9 in November, down from 48.7 in October.

The latest reading pointed to a more marked slowdown in business conditions which was the strongest since August 2021, it said.

It also said the latest PMI reading is representative of approximately 5 percent year-on-year growth in Malaysian gross domestic product (GDP), thereby signaling a slowdown in growth from the situation in the third quarter of 2022.

S&P Global Market Intelligence economist Laura Denman said the Malaysian manufacturing sector displayed further signs of waning in November.

According to her, there was a solid slowdown in production levels and the fastest scaling back in order book volumes since August 2021.

"The aforementioned fragility in demand became a running theme throughout the survey data and was reportedly the Primary factor driving moderations in input buying, stocks and business confidence which, though still positive, slipped to a five-month low," she said.