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Malaysia: Services sector records revenue of RM339b in Q42017
KUALA LUMPUR: Malaysia’s services sector recorded strong revenue growth of RM399.70bil in the fourth quarter of 2017, according to the Statistics Department.
It said on Friday the biggest contributor came from the wholesale & retail trade, food & beverages and accommodation which accounted for RM316.2bil, as it expanded 8.5% on-year.
Overall revenue of the services sector increased to RM399.70bil due to professional and real estate agent (14.7%), health, education and arts, entertainment & recreation (8.6%) and wholesale & retail trade, food & beverages and accommodation (8.5%) segments. Total revenue on quarterly basis increased RM12.1bil or 3.1%.
More people were hired for the services sector, which increased by 76,042 persons to 3.6 million persons. This was higher by 76,042 persons or 2.1% from a year ago. The department said when compared with Q3 of 2017, the number of persons engaged rose 1.1%.
In Q4 2017, salaries & wages paid was RM23.8bil, up 5% on-year, and up 1.6% on quarter.
Of the services sector – the wholesale, retail segment recorded an increase of 2.3% from Q3 2017. The number of people hired increased 2.1% to 2.7 million persons on-year. Salaries & wages paid grew 4.4% to RM14.1bil.
Quarter-on-quarter, number of persons hired increased 1.1% or 29,114 persons while salaries & wages paid increased 0.9%.
Meanwhile, the information & communication and transportation & storage segment recorded a 7.9% increase to RM60bil or 7.9% on-year. Driving the growth was the information & communication sub-sector at 9.3%.
When compared with Q3 2017, the total revenue for this segment rose 7%.
More people were also hired in the sector, increasing 0.9% to on-year to 470,065 persons. Salaries & wages paid grew 5% to RM5.2bil.
The sector also saw a 1.3% increase in the number of persons involved in the sector. Salaries & wages paid also increased 4.5% on-quarter.
The health, education and arts, entertainment & recreation segment recorded total revenue of RM15bil, up 8.6% on year. Salaries & wages paid rose 5% to RM2.2 billion.
The department pointed out total revenue for professional and real estate agent segment rose 14.7% to RM8.5bil on-year, driven by the professional sub-sector (15.3%). This segment recorded an increase of 14.8% on-year.
Salaries & wages paid grew 8.5% to RM2.3bil. When compared to Q3 2017, the number of persons engaged rose 1.8% while salaries & wages paid increased 1.6%.
Source: https://www.thestar.com.my/business/business-news/2018/02/09/services-sector-records-revenue-of-rm339b-in-q42017/#oDoz3sC8mMw5gbrO.99