Malaysian manufacturing plunges in December
Malaysia's manufacturing sales, which are a key driver of the economy, sank 20.8 percent in December from a year earlier, according to official data released Wednesday.
The statistics department attributed the sharp fall, after a 1.9 percent decline in November, to the poor performance of refined petroleum products and the semi-conductor industry.
Measured against the previous month, manufacturing sales in December fell 17.2 percent to 52.9 billion ringgit (14.7 billion dollars).
The number of people employed in the manufacturing sector, which accounts for about a third of Malaysia's gross domestic product, fell 1.9 percent from the previous month to 1.032 million, the department said.
Over 2008 the manufacturing sector grew nine percent to 570.6 billion ringgit.
But Malaysia's exports slumped 14.9 percent year on year in December, as demand from China, Europe and the United States declined sharply.
Finance Minister Najib Razak said Tuesday that Malaysia will have to cut its 3.5 percent growth forecast for 2009 if the decline in the country's exports hits double digits over the year.
An influential Malaysian think-tank has already slashed its 2009 economic growth forecast to 1.3 percent.
The government last year unveiled a 2.0 billion dollar stimulus package and Najib said that a second package to be tabled on March 10 would be bigger and more comprehensive.
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