KUALA LUMPUR (Nov 9): Malaysia’s service sector revenue grew 7.6% year on year (y-o-y) to RM584 billion in the third quarter of 2023 (3Q2023), said the Department of Statistics Malaysia (DOSM) in a report on Thursday.
Chief statistician Datuk Seri Dr Mohd Uzir said the growth was spurred by favourable performance across all segments of the service sector, with the largest contribution coming from the wholesale and retail trade, food and beverages, and accommodation segment, which rose RM28.7 billion to reach RM446.6 billion.
The information and communication, and transportation and storage segment also recorded a significant increase of RM7.2 billion, or 9.8% to RM80.6 billion.
This was followed by the professional, real estate and administrative and support service segment, which grew RM3.1 billion or 9.4% to RM36.6 billion.
The private health, private education, arts, entertainment and recreation and personal services and other activities segment also registered a robust growth of RM2.2 billion, or 12.3% to RM20.3 billion.
On a quarter on quarter (q-o-q) basis, the service sector revenue increased 2.8% or RM15.8 billion, as compared to the previous quarter, the report read.
The growth was primarily driven by the wholesale and retail trade, food and beverages, and accommodation segment, which grew by 3.0% or RM13.1 billion.
Other segments also contributed to this growth, with the information and communication and transportation and storage segment growing by RM1.1 billion (1.4%), the private health, private education, arts, entertainment and recreation and personal services and other activities segment growing by RM0.8 billion (4.3%), and the professional, real estate and administrative and support service segment growing by RM0.8 billion (2.2%).
Mohd Uzir said the number of persons engaged in the service sector was 4.4 million, up 1.8% y-o-y, and 0.6% q-o-q, while the salaries and wages paid rose 3.6% y-o-y and 0.9% q-o-q.
The e-commerce income of the service sector also grew 5.4% y-o-y and 3.2% q-o-q to RM289.5 billion.