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Malaysia's manufacturing to grow moderately in 4Q2022, says AmBank Research – The Edge Markets MY

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KUALA LUMPUR (Dec 13): AmBank Group Research expects Malaysia’s manufacturing to grow moderately in 4Q2022, adding that this would weigh on the overall economic performance during the quarter.
In a note on Tuesday (Dec 13), AmBank group chief economist and head of research Dr Anthony Dass said the country’s October’s industrial production slowed down to 4 6% year-on-year (y-o-y) (10.8.% y-o-y in September), the slowest growth since May 2022.
He said sluggish global market conditions and muted customer demand saw new orders soften in the manufacturing segment, pointing out that it led to firms scale back on their output and downwardly adjust inventory holdings and input buying.
Going forward, Dass expects the fragility in demand to remain underpinned by the ongoing uncertainties.
“Hence, we expect continued moderations in input buying, stocks and business confidence.
“Our preliminary estimation showed the 4Q2022 GDP would hover around 6.1% and 8.1% following a 9.2% average for the first three quarters of 2022 to bring the full-year GDP to between 8.5% -9.0%.
“Our GDP outlook for 2023 is around 4.5% supported by domestic demand and aided by exports,” he said.
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