Total revenue of the Services sector recorded RM594.5 billion in the first quarter of 2024, registering positive growth of 6.1 per cent as compared to the same quarter in 2023.
The Department of Statistics Malaysia (DOSM) Quarterly Services Statistics, Q1 2024 release today (May 9) said the increase was contributed by Wholesale & Retail Trade, Food & Beverages, and Accommodation segment (+RM23.3 billion; 5.4%).
Meanwhile, total revenue on a quarterly basis registered a growth of 0.5 per cent or +RM3.1 billion.
Total number of persons engaged in this sector amounted to 4.4 million persons, rose 72.2 thousand persons or 1.7 per cent against the corresponding period of the previous year. For quarterly comparison, number of persons engaged went up 0.1 per cent or increased 5.8 thousand persons.
Salaries and wages paid in the first quarter of 2024 posted a growth of 3.3 per cent to reach RM32.3 billion compared to the same quarter a year ago. Compared with fourth quarter of 2023, salaries and wages paid increased 0.8 per cent.
Chief Statistician Malaysia, Dato’ Sri Dr. Mohd Uzir Mahidin, “The growth of 6.1 per cent was contributed by favourable performance in all segments of the Services sector. The significance increase was recorded in Wholesale & Retail Trade, Food & Beverages and Accommodation segment which rose RM23.3 billion to reach RM451.6 billion. This was followed by Information & Communication and Transportation & Storage segment (+RM5.2 billion; 6.7%), Professional, Real Estate and Administrative & Support Service segment (+RM3.3 billion; 9.5%), and Private Health, Private Education, Arts, Entertainment & Recreation and Personal Services and Other Activities segment (+RM2.4 billion; 12.7%).”
Looking at the analysis by quarter-on-quarter comparison, total revenue for Services sector posted an increase of 0.5 per cent as compared to the fourth quarter of 2023.
The growth was propelled by Information & Communication and Transportation & Storage segment, which grew 1.4 per cent (+RM1.1 billion). This was followed by Professional, Real Estate and Administrative & Support Service segment (+RM0.9 billion; 2.3%), Wholesale & Retail Trade, Food & Beverages, and Accommodation segment (+RM0.7 billion; 0.2%), and Private Health, Private Education, Arts, Entertainment & Recreation and Personal Services and Other Activities segment (+RM0.5 billion; 2.3%).
In terms of e-Commerce income, the Chief Statistician said, “it recorded RM293.2 billion, grew 0.5 per cent year-on-year in the first quarter of 2024. For quarter-on-quarter comparison, income of e-commerce increased marginally by 0.5 per cent.”
