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M’sia’s services sector revenue hits RM2.3 tril in 2023: DoSM | Scoop
Some sub-sectors of the economy have not bounced back from the pandemic, namely food and beverage; arts, entertainment and recreation; and personal services and other activities. – Scoop pic, February 8, 2024
News

M’sia’s services sector revenue hits RM2.3 tril in 2023: DoSM

Wholesale and retail trade, transportation and storage, and information and communication were the most improved industries

Bernama
Updated
2:46 PM MYT

 

KUALA LUMPUR – Malaysia’s services sector saw its total revenue increase to RM2.3 trillion in 2023, an 8.4% rise compared to 2022’s RM2.1 trillion, the Department of Statistics Malaysia (DOSM) reported.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the performance improvement was spurred by the wholesale and retail trade sub-sector, which improved by 7.7% or RM119.1 billion, and the transportation and storage; and information and communication sub-sectors, which improved by 15.8% (RM20.4 billion) and 5.3% (RM8.6 billion), respectively compared to 2022.

“However, there are sub-sectors that have not yet surpassed the pre-pandemic (2019) revenue value, namely food and beverage (-1.4%); arts, entertainment and recreation (-24.4%); and personal services and other activities (-23.9%).

“This was due to the several activities related to the tourism industry still in the recovery phase after the opening of international borders starting April 1, 2022, and has not yet surpassed pre-pandemic levels,” he said in a statement today.

In terms of e-commerce income, the chief statistician said the overall value of e-commerce income grew 4.9% compared to last year, recording a value of RM1.2 trillion.

“It recorded RM291.9 billion, growing 1.7% year-on-year (y-o-y) in the fourth quarter of 2023.

“For quarter-on-quarter comparison, the income of e-commerce increased marginally by 0.8% in 2023,” he said.

Meanwhile, in a separate statement, DOSM said that the volume index of services grew 4.1% y-o-y to record 148.5 points in the fourth quarter of 2023.

“Bringing the annual performance for 2023 to an increase of 5.6% compared to 2022. Meanwhile, for quarter-on-quarter comparison, this index went up 0.6%.

“The performance of the volume index of services for this quarter was driven by the increase in the wholesale and retail trade, food and beverages and accommodation segment which grew 4.2% compared to last year,” it said.

DOSM said that this was followed by the information and communication, and transportation and storage segment (6.6%); other services segment (7.0%); and business services and finance segment (1.0%). – February 8, 2024

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