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Malaysia’s services sector revenue rises 8% to RM2.3 trillion in 2023
Published on: Thursday, February 08, 2024
By: Bernama
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Malaysia’s services sector revenue rises 8% to RM2.3 trillion in 2023
The value of e-commerce income grew by 4.9% compared to last year, reaching RM1.2 trillion, says the statistics department.
PETALING JAYA: 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, said the statistics department.

Chief Statistician 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, as well as 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%); as well as personal services and other activities (-23.9%).

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

In terms of e-commerce income, Uzir 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 (q-o-q) comparison, the income of e-commerce increased marginally by 0.8% in 2023,” he said.

Meanwhile, in a separate statement, the statistics department said 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 q-o-q 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.

The statistics department said this was followed by the information and communication, and transportation and storage segment (6.6%); other services segment (7%); as well as business services and finance segment (1%).

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