Malaysia's industrial production index up 5.8 percent in December

Illustrative image. (Photo: Bernama/VNA)

Kuala Lumpur (VNA) – Malaysia's Industrial Production Index (IPI) increased 5.8 percent in December 2021 compared to the same month of the previous year, according to the country's Department of Statistics Malaysia (DoSM).

The IPI recorded a 7.4 percent year-on-year increase for the whole year, it said on February 8.

Previously, the World Bank (WB) had forecast that Malaysia's economy will grow by about 5.8 percent in 2022 thanks to the recovery of domestic and foreign demand.

The latest version of the Malaysia Economic Monitor report titled "Staying Afloat" released by the WB in December attributed the increase to the acceleration in private consumption, which is estimated to be around 7.2 percent in 2022.

Exports are forecast to continue to grow, albeit at a slower rate of 4.5 percent, in line with moderate growth in global trade. Growth momentum is expected to be broad-based, with recovery across all sectors of Malaysia's economy, the WB said./.