Malaysia’s MSMEs GDP grew by 5.8 per cent in 2024, contributing RM652.4 billion in value added, or 39.5 per cent of Malaysia’s GDP. According to the Department of Statistics, MSMEs recorded a slightly higher growth compared to Malaysia’s overall GDP growth of 5.1 per cent in 2024. For comparison, the sectors GDP increased by 4.9 per cent in 2023, with a value added of RM616.6 billion.
DOSM noted that the expansion was supported by steady performance in the Services and Manufacturing sectors, which comprise 84.7 per cent of the MSMEs’ GDP. This was followed by the Agriculture (8.7%), Construction (5.0%), and Mining & quarrying (0.5%) sectors.
Exports amounted to RM196.8 billion, recording growth of 31.3 per cent compared to 3.0 per cent in 2023. This increase was supported by the Services and Manufacturing sectors, which grew by 114.8 per cent and 7.9 per cent, respectively. In addition, MSMEs’ exports accounted for 14.3 per cent of the total exports in 2024.
Employment for the sector continued to register an increase, albeit at a slower annual growth of 3.1 per cent as compared to 3.5 per cent in 2023, reaching a total of 8.10 million persons. Accordingly, the contribution of MSMEs’ employment to Malaysia’s total employment in 2024 was 48.7 per cent, an increase of 0.2 percentage points compared to the previous year.
Labour productivity improved by 2.6 per cent, reaching RM80,507 per person. All sector recorded growth in labour productivity, with the highest growth was recorded in the Construction sector (16.8%), followed by the Manufacturing (2.2%), Mining & quarrying (2.0%), Agriculture (1.9%) and Services (1.6%) sectors.
