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Malaysia: Services sector Q2 revenue up significantly
KUALA LUMPUR: Malaysia’s services sector revenue recorded significant growth of 20.5% to RM404.5bil for the second quarter (Q2) compared with the same quarter in the previous year, according to the Statistics Department.
However, this is mainly due to the low base effect.
E-commerce income, meanwhile, rose 23.3% year-on-year during the three-month period to RM267.6bil as e-commerce transactions grew from the manufacturing and services sectors.
In a statement, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said revenue for every segment in the services sector showed growth.
“The wholesale and retail trade, food and beverage and accommodation segment increased 21.8% to RM324.6bil. This was followed by the information and communication as well as transportation and storage segment with 14.7% to RM59.5bil.
“The health, education and arts, entertainment and recreation segment as well as the professional and real estate agent segment experienced the same trend which recorded 27.3% increase to RM12.2bil and 8% to RM8.2bil respectively,” he said.
The services sector has notably suffered under the various movement restrictions over the past 1½ years given its heavy reliance on foot traffic.
With services-related businesses still hindered by the restrictions, employment in the sector has also been largely impacted.
For Q2, the number of persons engaged in this sector were 3.6 million persons, a decline of 0.7% or 25,812 persons, as compared to the same period last year.
This decrease was attributed to the information and communication and transportation and storage segment, which dropped 11,297 persons or -2.4%.
This was followed by the wholesale and retail trade, food and beverage and accommodation segment, with a decline of 0.2% or 6,127 persons.
Meanwhile, the health, education and arts, entertainment and recreation segment fell 1.7% or 4,772 persons.
Professional and real estate agent also declined 3,616 persons or -2.0%.
“Compared with the same quarter of last year, salaries and wages paid increased by 0.4% or RM100.5mil.
The growth was contributed by the information and communication and transportation and storage segment which increased RM120.8mil or 2.8%.
“This was followed by wholesale and retail trade, food and beverage and accommodation segment and health, education and arts, entertainment and recreation segment, which rose RM9.3mil and RM3.0mil respectively,” said Mohd Uzir.
Source: https://www.thestar.com.my/business/business-news/2021/08/12/services-sector-q2-revenue-up-significantly