Malaysia: Services sector revenue posts 25.2% growth to RM506.5bil in Q2
KUALA LUMPUR: Revenue for Malaysia’s services sector grew 25.2 per cent year-on-year (y-o-y) to RM506.5 billion in the second quarter of 2022 (Q2 2022), the Department of Statistics Malaysia (DoSM) said.
It said this was contributed by the wholesale and retail trade, food and beverages and accommodation segment which saw revenue went up 26.1 per cent y-o-y to RM409.3 billion while the information and communication and transportation and storage segment revenue edged up 21.3 per cent to RM72.2 billion.
Besides that, it said the health, education and arts, entertainment and recreation segment revenue grew 24.4 per cent y-o-y to RM15.1 billion and professional and real estate agent segment revenue went up 20 per cent y-o-y to RM9.9 billion.
On a quarterly basis, it said the total revenue of the services sector grew 7.1 per cent or RM33.8 billion.
It said the total number of persons engaged in the sector rose 4.9 per cent or 177,600 persons to 3.8 million persons as compared with the corresponding period of the previous year.
For quarterly comparison, it said the number of persons engaged went up 0.9 per cent or 35,300 persons.
DoSM said salaries and wages paid in Q2 2022 grew by 9.3 per cent or RM2.2 billion as compared with the same quarter a year ago and increased 1.7 per cent compared with Q1 2022 to reach RM25.8 billion.
In a separate statement, DoSM said the volume index of the services sector expanded by 16.7 per cent to 136.3 points in Q2 2022 as compared to 116.8 points in Q2 2021.
It said the increase was driven by the positive growth of all four segments, namely wholesale and retail trade, food and beverages and accommodation (22.3 per cent), business services and finance (7.7 per cent), information and communication and transportation and storage (16.4 per cent), and other services (18.6 per cent).
For quarterly comparison, it said the volume Index of services experienced an increase of 3.1 per cent to 136.3 points as compared with 132.2 points in Q1 2022.
It said the increase was due to the growth of wholesale and retail trade, food and beverages and accommodation segment (5.7 per cent), information and communication and transportation and storage (2.9 per cent) and other services (2.4 per cent).
“On the other hand, the business services and finance segment showed a negative growth of one per cent,” it said.
Meanwhile, it said the seasonally adjusted volume index of the sector grew 7.1 per cent to 141.1 points in Q2 2022. – Bernama