Sunday, April 14

Stats Dept: Services sector revenue grows 7.6pc in 3Q 2023

Malaysia’s services sector revenue grew by 7.6 per cent year-on-year (y-o-y) to RM584 billion in the third quarter of 2023 (3Q 2023), lifted by favourable performance in all segments, said the Department of Statistics Malaysia (DoSM).

The sector recorded a 6.9 per cent growth y-o-y in 2Q 2023.

Chief statistician Datuk Seri Mohd Uzir Mahidin said the significant increase in 3Q 2023 was recorded in wholesale and retail trade, food and beverages and accommodation segment, which rose RM28.7 billion to reach RM446.6 billion.

“Information and communication and transportation and storage segment (grew by) RM7.2 billion or 9.8 per cent, professional, real estate and administrative and support service segment (RM3.1 billion; 9.4 per cent), and private health, private education, arts, entertainment and recreation and personal services and other activities segment (RM2.2 billion; 12.3 per cent),” he said in a statement today.

On a quarter-on-quarter (q-o-q) basis, total revenue for the services sector in 3Q 2023 expanded by 2.8 per cent or RM15.8 billion as compared with the previous quarter.

Mohd Uzir said the number of persons engaged in this sector stood at 4.4 million persons, a gain of 79,400 persons or 1.8 per cent y-o-y.

“The rise was driven by the wholesale and retail trade sub-sector with an increase of 37,200 persons or 1.9 per cent, followed by the transportation and storage sub-sector (15,000 persons; 4.2 per cent),” he said, adding that the number of persons engaged grew by 0.6 per cent q-o-q, amounting to 24,400 persons.

Mohd Uzir said salaries and wages paid registered an increase of RM1.1 billion or 3.6 per cent y-o-y.

“The increment was attributed to wholesale and retail trade and transportation and storage sub-sectors, which rose RM400 million and RM200 million, respectively,” he added.

As for e-commerce income, he said it grew 5.4 per cent y-o-y to RM289.5 billion in 3Q 2023, and 3.2 per cent q-o-q. — Bernama

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