Industrial production in Malaysia increased by 4.3% year-on-year in November 2025, below market expectations of a 5.3% rise and slowing from a 6% growth in the previous month. This marked the softest expansion since July, primarily driven by slower growth in mining output (2.3% vs 5.8% in October), particularly in the extraction of crude oils and condensates (4.3% vs 8.8%) and natural gas (1% vs 3.9%). At the same time, manufacturing production slowed (4.9% vs 6.5%), due to a decline in the manufacture of petroleum, chemical, rubber and plastic products (-1.8% vs -0.3%) and softer increases in wood products, furniture, paper products, printing (2.9% vs 4.9%). Meanwhile, electricity output accelerated by 2.7% compared to 1.8% recorded in the previous month. On a seasonally adjusted monthly basis, industrial activity fell by 1.3% in November, reversing an upwardly revised 0.7% gain in the preceding period.