The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
The Department of Statistics Malaysia (DOSM) reported that the manufacturing sector's gross output value surged to RM1.89 trillion in 2022, reflecting a 7.5% annual increase since 2015. This significant growth was primarily driven by the petroleum, chemical, rubber, and plastic products sub-sector, which saw an increase from RM299.1 billion in 2015 to RM579.6 billion in 2022.
Key Takeaways:
Overall Growth:
- Gross output value in the manufacturing sector grew by 7.5% annually to reach RM1.89 trillion in 2022.
- The petroleum, chemical, rubber, and plastic products sub-sector was a major contributor, growing to RM579.6 billion.
Sub-Sector Performance:
- The electrical, electronic, and optical products sub-sector saw a 29.6% share, increasing to RM560.7 billion from RM321.18 billion in 2015.
- These sub-sectors benefited from heightened global demand for medical supplies and electronic devices during the Covid-19 pandemic.
Manufacturing Establishments:
- The number of manufacturing establishments rose to 54,505 in 2022, up from 49,101 in 2015.
- These establishments span 254 industries according to the Malaysian Standard Industrial Classification.
Intermediate Input and Value Added:
- Intermediate input for the sector grew by 7.6% annually to RM1.48 trillion, influenced by higher local producer prices and global increases in crude oil and commodity prices.
- The value added for the sector grew 7.1% annually to RM414.9 billion, led by the petroleum, chemical, rubber, and plastic products sub-sector (33.2% share).
Wages and Salaries:
- Salaries and wages in the sector increased by 5.8% annually to RM97.2 billion, with the average monthly salary being RM3,513 in 2022.
- The highest average salary was in the electrical, electronic, and optical products sub-sector at RM4,361 per month, while the lowest was in the textiles, wearing apparel, and leather products sub-sector at RM2,249 per month.
- Skilled workers received the highest average salaries at RM8,068 per month.
Agro-Based Products Manufacturing:
- In 2022, there were 14,323 establishments involved in agro-based products manufacturing.
- Food-based products accounted for 57.9% (8,296 establishments), while non-food-based products accounted for 42.1% (6,027 establishments).
- Gross output for non-food-based products was RM267.2 billion, making up 73.4% of the total output for the agriculture-based industry.
State Contributions:
- Nearly 70% of the manufacturing sector's gross output was from Selangor (27.3%), Johor (16.7%), Pulau Pinang (16.0%), and Sarawak (9.3%).
- Selangor, Johor, Pulau Pinang, and Sarawak registered annual growth rates higher than the national level, with Pulau Pinang leading at 10.0%.
The report highlights the robust performance of Malaysia's manufacturing sector despite global challenges, with significant contributions from key sub-sectors and regions.
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