Service sector revenue rose by 6.1 percent to RM594.5 billion in the first quarter of 2024 – Statistics

KUALA LUMPUR: According to the Department of Statistics Malaysia (DOSM), Malaysia’s service sector saw year-over-year growth of 6.1 percent in the first quarter of 2024 to RM594.5 billion, helped by positive performances across all service sector segments.

Chief Statistician Datuk Seri Mohd Uzir Mahidin said in a statement today that the food and beverage, lodging, and wholesale and retail trade segments all saw notable increases, rising by RM23.3 billion to RM451.6 billion.

“This increase was followed by the segments of professional, real estate, administrative, and support services (+RM3.3 billion; 9.5 percent), private health, private education, the arts, entertainment and recreation, and personal and other service activities (+RM2.4 billion; 12.7%), and information and communication and transportation and storage (+RM5.2 billion; 6.7%).” the speaker stated.

According to the Chief Statistician, e-commerce revenue in the first quarter of 2024 increased by 0.5 percent year over year to RM293.2 billion.

Comparing one quarter to the next, e-commerce revenue grew by a small 0.5%.

According to him, there were 4.4 million workers in this industry overall, up 72,200 or 1.7% from the previous year.

In the meantime, there was an annual increase in wages and salaries paid of RM1.0 billion, or 3.3 percent.

According to a different statement from Mohd Uzir, the service volume index increased by 1.3 percent from quarter to quarter in 2024 but by 4.5 percent year over year to reach 150.4 points in the first quarter of 2024.

He claimed that the 4.0 percent growth in the food and beverage, lodging, and wholesale and retail trade segments was what drove the performance of the service volume index this quarter.

“This was followed by growth in the information and communication and transportation and storage segments (6.0 percent); the business and financial services segment (3.7 percent); and other service segments (6.8 percent),” he said.

Meanwhile, other service segments recorded a positive growth of 6.8 percent following increases in private health (9.3 percent), private education (7.2 percent), as well as arts, entertainment and recreation, and personal and other service activities (3.9 percent), said the chief statistician.