DOSM: Services sector revenue expands 6.1 pct

KUALA LUMPUR: Malaysia’s services sector revenue registered a 6.1 per cent yearon-year (y-o-y) growth in the first quarter of 2024 (1Q 2024) to RM594.5 billion, contributed by favourable performance in all segments of the services sector, said the Department of Statistics Malaysia (DOSM).

In a statement yesterday, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said a significant increase was recorded in wholesale and retail trade, food and beverages and accommodation segment, which rose RM23.3 billion to reach RM451.6 billion.

“This was followed by the information and communication and transportation and storage segment (+RM5.2 billion; 6.7 per cent); professional, real estate and administrative and support service segment (+RM3.3 billion; 9.5 per cent); and private health, private education, arts, entertainment and recreation and personal services and other activities segment (+RM2.4 billion; 12.7 per cent),” he said.

In terms of e-commerce income, the chief statistician said it recorded RM293.2 billion, which grew 0.5 per cent y-o-y in 1Q 2024.

On a quarter-on-quarter (qo-q) comparison, e-commerce income increased marginally by 0.5 per cent.

The number of persons engaged in this sector was 4.4 million persons, an increase of 72,200 persons, or 1.7 per cent y-o-y.

Meanwhile, salaries and wages paid registered an increase of RM1.0 billion, or 3.3 per cent year-on-year.

In a separate statement, the chief statistician noted that Malaysia’s volume index of services registered an annual growth of 4.5 per cent, recording 150.4 points in 1Q 2024, while q-o-q comparison recorded a 1.3 per cent increase.

Mohd Uzir said the performance of the volume index of services for this quarter was contributed by wholesale and retail trade; food and beverages, and accommodation segment, which grew 4.0 per cent.

“This was followed by growth in information and communication and transportation and storage segment (6.0 per cent); business services and finance segment (3.7 per cent), and other services segment (6.8 per cent),” he said.

Meanwhile, the other services segment grew 6.8 per cent, driven by increases in private health (9.3 per cent); private education (7.2 per cent), as well as arts, entertainment and recreation and personal services and other activities (3.9 per cent), the chief statistician said.