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buy apple developer account(buyappleacc.com):Rebound likely in August, say experts

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,Chief statistician Datuk Seri Mohd Uzir Mahidin (pic) said the IPI decline in July was due to the decrease in the manufacturing index (-6.5%) and electricity index (-6.6%). The mining index, on the other hand, recorded an increase of 0.6%

PETALING JAYA: The latest industrial production index (IPI) reading suggests that Malaysia’s economy is likely to have bottomed out in July.

Given the gradual relaxation of the lockdown measures, the IPI will likely show a rebound in August, indicating that the country’s economic recovery has started since last month.

According to RHB Investment Bank Research, this recovery is expected to continue through the second half of this year and into next year.

“In our view, the August IPI will surprise on the upside, with the improvement in broad economic activity happening during the month. Our high frequency data indicate a sharp improvement upwards in the month as the lockdown restrictions were eased,” RHB group’s senior economist Nazmi Idrus said.“In our view, the August IPI will surprise on the upside, with the improvement in broad economic activity happening during the month. Our high frequency data indicate a sharp improvement upwards in the month as the lockdown restrictions were eased,” RHB group’s senior economist Nazmi Idrus said.

He wrote in a recent report: “RHB Bank’s proprietary machine-learning-derived IPI suggests that the economy had commenced a rebound in August. This will continue in the second half of 2021 and into 2022.”

Last Friday, the Statistics Department announced the IPI fell 5.2% year-on-year (y-o-y) in July 2021, weighed down by weakness in the manufacturing sector.

The decline in the July IPI was sharper than the median 1.9% y-o-y fall projected by 12 economists surveyed in a Reuters poll.

In June, Malaysia’s IPI was up 1.4% y-o-y.

Commenting on the report, chief statistician Datuk Seri Mohd Uzir Mahidin said the IPI decline in July was due to the decrease in the manufacturing index (-6.5%) and electricity index (-6.6%). The mining index, on the other hand, recorded an increase of 0.6%.

“The weakness in the July IPI data was expected as the imposition of the enhanced movement control order in parts of Selangor and Kuala Lumpur between July 3 and 16 caused closures and disruption to the domestic production chain. However, these were offset by the gradual reopening in other states,” Nazmi said.

Meanwhile, MIDF Research said despite the weak July IPI numbers, it maintained its projection for IPI to increase 9% y-o-y in 2021.

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