KUALA LUMPUR (Sept 19): The number of micro, small and medium enterprises (MSME) increased from 907,065 in 2015 to 1,069,831 in 2022, with a compound annual growth rate (CAGR) of 2.4%, according to the Department of Statistics Malaysia (DOSM).  

In a statement Thursday, DOSM said the services sector led with 936,793 establishments (87.6%), followed by construction with 69,015 (6.5%) and manufacturing with 51,481 (4.8%).

"The value of gross output increased from RM1 trillion in 2015 to RM1.3 trillion in 2022, reflecting a CAGR of 3.3%.

"This growth was supported by a stronger performance in value-added, which rose from RM422.7 billion to RM578.8 billion, with a CAGR of 4.6%," said chief statistician Datuk Seri Dr Mohd Uzir Mahidin, in conjunction with the publication of its Economic Census 2023 MSMEs on Wednesday.

In the labour market, he said salaries and wages experienced an upward trend, increasing from RM128.5 billion in 2015 to RM182.3 billion in 2022.

This represented an annual growth rate of 5.1%, Mohd Uzir said.

Despite this rise, the number of persons engaged in the labour force grew at a comparatively slower pace, with an annual increase of 1.8%, moving from 5.8 million in 2015 to 6.5 million persons in 2022.

Meanwhile, the value of fixed assets across the economy demonstrated moderate growth, rising from RM584 billion in 2015 to RM668.2 billion in 2022, with a CAGR of 1.9%.

"At the state level, Selangor experienced impressive value-added growth, expanding at a CAGR of 8.2%, from RM119.8 billion in 2015 to RM208 billion in 2022, strengthening its role as a key contributor to Malaysia's MSMEs," said the chief statistician.

He added that Kuala Lumpur saw a steady annual growth of 2.3% (RM113.2 billion), while Johor recorded favourable growth of 4% (RM58.7 billion), highlighting their continued contributions to regional economic performance.

https://www.theedgemarkets.com/node/727240