KUALA LUMPUR (May 9): Revenue from Malaysia’s services sector registered a 6.1% year-on-year (y-o-y) growth in the first quarter of 2024 (1Q2024) to RM594.5 billion, contributed by favourable performance in all segments within the sector, said the Department of Statistics Malaysia (DOSM).

In a statement on Thursday, 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%); professional, real estate and administrative and support service segment (+RM3.3 billion; 9.5%); and private health, private education, arts, entertainment and recreation and personal services and other activities segment (+RM2.4 billion; 12.7%),” he said.

In terms of e-commerce income, the chief statistician said it recorded RM293.2 billion, up 0.5% y-o-y in 1Q2024.

On a quarter-on-quarter (q-o-q) basis, e-commerce income increased marginally by 0.5%.

The number of people engaged in this sector was 4.4 million individuals, an increase of 72,200, or 1.7% y-o-y.

Meanwhile, salaries and wages paid registered an increase of RM1.0 billion, or 3.3% 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%, recording 150.4 points in 1Q2024, while q-o-q growth recorded a 1.3% 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%.

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

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

https://www.theedgemarkets.com/node/710923