. . World News – UK – Economy on recovery path as leading index rose 8. 6% in Sept.

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Wednesday 25th. November 2020

KUALA LUMPUR: Malaysia’s economy is expected to continue to recover, as indicated by the Leading Index (LI), which is up 8. 6 percent to 109. 5 points in September 2020 compared to 100. 8 points a year ago, said the statistics department.

The chief statistician Datuk Seri Dr. Mohd Uzir Mahidin said the monthly change in the LI shows the same trend, increasing by 0. 9 percent (August 2020: – 0. 5 percent) and the growth was driven, among other things, by imports of semiconductors, especially electronic integrated circuits.

« Accordingly, the number of newly registered companies, especially in the wholesale and retail subsector, has contributed significantly to the increase, » he said in a statement on the Malaysian economic indicators: leading, random and lagging indices for September 2020.

« At the same time, LI’s growth rate (smoothed) remained above trend, which indicates that Malaysia continues to see an economic recovery despite difficult circumstances. ”

LI performance is used to predict economic direction in an average of four to six months.

Furthermore, he said that the announcement of the 2021 budget, which aims at people’s prosperity, business continuity and economic resilience, will revitalize the economy after the aftermath of the pandemic.

However, the LI signal can be dampened by the increasing number of COVID-19 cases and the extension of the previous CMCO (Conditional Movement Control Order).

Mohd Uzir said the Coincident Index (CI) hit 113. 1 point in the reference month that showed a better annual growth trend and a decrease of 1. 0 percent in September 2020 compared to -2. 3 percent in August.

« The CI, which reflects the current economic situation, increased further to a monthly growth of 1. 0 percent in September (August: 0. 5 percent) with retail volume index (0. 3 percent) as the main driver.

« Accordingly, the wholesale and retail sales were worth RM110. 8 billion in September with a growth of 0. 2 percent compared to the previous year (year-on-year). This was the first positive growth since the COVID-19 outbreak, led by motor vehicles advancing by 17. 1 percent, « he added.

Current economic performance is also reflected in the higher production sales in September 2020, which grew 3. 7 percent year-on-year to RM121. 2 trillion.

The increase in sales value was due to the increase in means of transport and other manufactured products (14). 3 percent), food, beverages and tobacco products (14. 2 percent) and electrical and electronic products (7. 2 percent). – Bernama

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Ref: https://www.thestar.com.my

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