In the third quarter of 2022, Volume Index of Services rose by 23.1 per cent to record 140.4 points as compared to 114.1 points in the third quarter of 2021.
This increase was driven by all four segments in the Services sector which were Wholesale & Retail Trade, Food & Beverages and Accommodation segment (30.0%), Business Services and Finance segment (15.7%), Information & Communication and Transportation & Storage segment (17.1%) and Other Services segment (35.9%).
The increase was revealed by The Department of Statistics Malaysia (DOSM) today (Nov 11) in its report dubbed the Volume Index of Services Third Quarter 2022.
For quarterly comparison, Volume Index of Services experienced an increase of 3.0 per cent to 140.4 points as compared to 136.3 points in the second quarter of 2022. This increase was contributed by the growth of Wholesale & Retail Trade, Food & Beverages and Accommodation segment (1.9%), Business Services and Finance segment (6.4%), Information & Communication and Transportation & Storage segment (1.5%) and Other Services segment (3.4%).
Meanwhile, the seasonally adjusted volume index of this sector increased 0.6 per cent to 142.0 points in the third quarter 2022.
Total Services Sector Revenue Rises To RM517.4 Billion In Q3, 2022 – Rising 32.3%
DOSM also cited that total revenue of the services sector recording RM517.4 billion in the third quarter of 2022, registering positive growth of 32.3 per cent as compared to the same quarter 2021.
In its Revenue for Services Sector Third Quarter 2022 reported today, the increment was contributed by Wholesale & Retail Trade, Food & Beverages, and Accommodation segment (+RM104.5 billion; 33.4%). Meanwhile, total revenue on a quarterly basis registered a growth of 2.2 per cent or +RM10.9 billion.
Total number of persons engaged in this sector amounted to 3.8 million persons, rose 161.0 thousand persons or 4.4 per cent as against the corresponding period of the previous year. For quarterly comparison, number of persons engaged went up 0.5 per cent or increased 18.6 thousand persons.
Salaries & wages paid in third quarter 2022 posted a growth of 8.7 per cent to reach RM26.2 billion as compared to the same quarter a year ago. Compared with second quarter 2022, salaries & wages paid increased 1.2 per cent.
