PETALING JAYA: Malaysia’s services sector revenue grew 13.1% year-on-year (y-o-y) to RM560.3 billion in the first quarter of 2023 (Q1 2023) from RM495.5 billion in the same quarter last year, the department of statistics Malaysia (DoSM) said.
The strong performance was driven mainly by contributions from the wholesale and retail trade, food and beverages and accommodation segments which rose 13.1% y-o-y to RM428.2 billion in the quarter, the department said in the latest Quarterly Services Statistics report released today.
Chief statistician Uzir Mahidin said other segments also contributed to the growth, namely the information and communications, and transportation and storage segments which rose 12% y-o-y to RM77.8 billion as well as the professional, real estate and administrative and support services segments, which was 16.5% higher y-o-y to RM35.3 billion.
On a quarterly comparison, he said total revenue for the sector in Q1 2023 increased by 1% or RM5.5 billion, propelled by the increment in the wholesale and retail trade sub-sector (0.6%) as well as the transportation and storage sub-sector (3.6%).
Meanwhile, Uzir said the number of persons engaged in this sector rose 2.1% y-o-y to 4.4 million in the quarter while salaries and wages paid also registered an increase of RM1.4 billion, or 4.6% y-o-y.
He added that e-commerce income expanded 10.4% y-o-y to RM307.2 billion in Q1 2023 but grew slightly by 1.6% on a quarter-on-quarter comparison.
Source: https://www.freemalaysiatoday.com/category/business/2023/05/10/services-sector-revenue-rises-13-to-rm560bil-in-q1/