The services sector, which accounts for more than half of Malaysia’s gross domestic product (GDP), jumped 7.6 per cent year-on year to RM584.0 billion in the third quarter of 2023.

KUALA LUMPUR, 10 NOVEMBER 2023: The services sector, which accounts for more than half of Malaysia's gross domestic product (GDP), jumped 7.6 per cent year-on year to RM584.0 billion in the third quarter of 2023.

In 2022, the services sector contributed RM877 billion to GDP.

The services sector encompasses the sub-sectors of wholesale and retail trade, information and communication, transportation and storage, food and beverages, professional, private health, private education, accommodation, arts, entertainment and recreation, real estate, administrative and support service, personal services and other activities, and e-commerce income.

There was a 1.8 per cent increase, or 79,400 more persons engaged in the sector, bringing the grand total to 4.4 million persons, according to the Department of Statistics Malaysia (DOSM) in its "The Quarterly Services Statistics, Third Quarter 2023" today.

Chief statistician Datuk Seri Mohd Uzir Mahidin said the 7.6 per cent growth was spurred by favourable performance in all segments of the services sector.

Significant contributors to the jump included the wholesale and retail trade, food and beverages and accommodation segment which rose RM28.7 billion to reach RM446.6 billion.

This is followed by information and communication and transportation and storage segment (up RM7.2 billion; 9.8 per cent), professional, real estate and administrative and support service segment (up RM3.1 billion; 9.4 per cent), and private health, private education, arts, entertainment and recreation and personal services and other activities segment (up RM2.2 billion; 12.3 per cent).

On the e-commerce income, Uzir said it had grown by 5.4 per cent to RM289.5 billion year-on-year in Q3.

For a quarter-on-quarter comparison, the e-commerce income increased by 3.2 per cent.

Looking at analysis by quarter-on-quarter comparison, total revenue for the services sector grew posted 2.8 per cent or RM15.8 billion over the preceding quarter.

Salaries and wages paid registered an increase of RM1.1 billion, or 3.6 per cent year-on-year.

The increment was attributed to wholesale and retail trade and transportation and storage sub-sectors which rose RM0.4 billion (up 2.6 per cent) and RM0.2 billion (up 5.8 per cent), respectively.

Meanwhile, for quarter-on-quarter comparison, salaries and wages grew 0.9 per cent to RM31.8 billion in Q3 2023.

Source: New Straits Times

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