Overview

Malaysia's economy is expected to moderate further, with the Leading Index
recording a marginal negative 0.5 per cent in August 2023

The annual growth rate in the Leading Index moderated further in August 2023 by registering a marginal negative 0.5 per cent to 109.7 points as compared to negative 1.0 per cent in the previous month. Four components contributed positively to the index notably the Number of Housing Units Approved (245.7%), followed by Bursa Malaysia Industrial Index (15.2%), Number of New Companies Registered (13.1%) and Real Imports of Other Basic Precious & Other Non-ferrous Metals (3.6%). Conversely, Real Imports of Semi Conductors continued to demonstrate a decline (-31.9%). Looking at the monthly performance, the LI showed negative 0.8 per cent in July 2023 but rebounded to 0.7per cent in the reference month, as a result of significant increase in Real Imports of Other Basic Precious & Other Non-ferrous Metals (0.9%)

The August 2023 smoothed LI growth rate remained below the 100.0 points trend, expecting that the Malaysian economy will continue to moderate attributed by global economic uncertainties albeit strong domestic demand.

Referring to the current economic scenario, the Coincident Index (CI) recorded a growth of 2.1 per cent to 123.6 points in August 2023 as compared to 121.0 points in the same month of the previous year. The uptick was contributed by all components except the Industrial Production Index (-0.4%). The monthly change in CI registered 0.04 per cent to reach 123.6 points as compared to 123.5 points in July 2023, primarily backed by the increase of Total Employment of Manufacturing (0.4%).

The Diffusion Index for LI decreased to 28.6 per cent as compared to 71.4 per cent in the previous month. Meanwhile, the Diffusion Index for CI remained unchanged at 100.0 per cent.

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