Malaysia manufacturing dives

(The Straits Times) – MALAYSIA'S manufacturing sales, which are a key driver of the economy, sank 26.2 per cent in April from a year earlier, according to official data released on Thursday.

The government's statistics department attributed the sharp fall to the poor performance of the iron and steel sector and the computer industry amid lower demand due to the global economic slowdown.

The number of people employed in the manufacturing sector, which accounts for about a third of Malaysia's gross domestic product, fell 7.7 per cent from the same period a year ago, the department said.

Revised March manufacturing figures showed sales were down 25.6 per cent year-on-year.

Malaysia has said its economy is likely to contract by 4.0-5.0 per cent this year, despite a massive US$16.2 billion (S$23.55 billion) stimulus package unveiled in March, after the economy shrank 6.2 per cent in the first quarter.