The total supply and use in the Malaysian economy in 2020 amounted to RM4,089.6 billion as compared to RM4,382.8 billion in 2019. Its annual growth rate decreased by 6.7 per cent from the previous year.
The Department of Statistics Malaysia released the Malaysia Input-Output Tables, 2019 & 2020 today which provides comprehensive information regarding the flow of goods and services in the economy. These tables portray the economic performance, the relationship between producers and consumers and interdependence between industries.
The total domestic production decreased 5.9 per cent to RM3,260.6 billion (79.7%) in 2020 from RM3,464.2 billion (79.0%) in 2019. The domestic production was driven by the Manufacturing sector with a share of 43.4 per cent (RM1,414.0 billion). The second largest contributor was the Services sector, which contributed 42.2 per cent.
Meanwhile, imports contributed 19.2 per cent with a value of RM783.2 billion, a decrease of 10.4 per cent compared to the previous year. The net taxes on products amounted to RM45.9 billion in 2020 compared to RM44.9 billion in 2019, recording an annual growth of 2.2 per cent.
Intermediate use was driven by the Manufacturing sector with a contribution of 58.8 per cent, which rose to RM1,109.7 billion in 2020, primarily supported by electronic components and boards (RM173.1 billion), Vegetable & animal oils and fats (RM134.5 billion) and Coke and refined petroleum products sub-sectors (RM126.9 billion).
Final use was mainly contributed by Exports with a share of 39.7 per cent or RM873.5 billion, followed by Private consumption with 39.2 per cent (RM863.0 billion) and Gross fixed capital formation with 13.5 per cent (RM296.7 billion).
The Manufacturing sector recorded the highest output multiplier with 2.04 in 2020. Meanwhile, Finance & insurance sub-sector recorded the highest value added multiplier with 0.90 in 2020.
The Manufacturing sector as well as Utilities sub-sector were the key sector in 2020. These sector and sub-sectors provide the output to a wide range of industries and their influences in the economy are greater than the total average of industries in Malaysia.
