PETALING JAYA: While the local industrial production index (IPI) is expected to register a persisting deceleration in growth for the rest of the year, analysts say the sector is poised for a resurgence in 2024. The mining sector, which accounted for 25% of the index’s weight, declined 5.2% over the same period. Public Invest Research said manufactured goods in September continued to exhibit a concerning y-o-y decline of 11.8%. Compared with the earlier estimate of 3.2% made in April, this is a marginal adjustment, which is in line with a consistent gross domestic product (GDP) growth rate of 2.5%. Nevertheless, AmBank Research reiterated its local GDP growth forecast of 4% and 4.5% for 2023 and 2024, respectively.

Source: The Star November 08, 2023 23:04 UTC