Services sector up 6.5 percent in 2Q19

The country's services sector has recorded a growth of 6.5 percent in the second quarter of 2019 (2Q19) with revenue of RM441.3 billion, as compared to the corresponding period last year, said Department of Statistics Malaysia.

Chief Statistician Mohd Uzir Mahidin (above) said the increase was driven by wholesale and retail trade, food and beverages and accommodation segment, which rose to RM349.3 billion (6.4 percent).

“The growth was also contributed by information and communication and transportation and storage segment which recorded a value of RM65.9 billion (6.9 percent),” he said in a statement today, adding that on a quarterly basis total revenue recorded an increase of RM10 billion (2.3 percent).

The number of persons engaged in the sector for the 2Q19 was 3.8 million persons, an increase of 96,049 persons (2.6 percent) as compared with the same period in 2018.

The growth, according to Mohd Uzir, was driven by wholesale and retail trade sub-sector with an increment of 44,494 persons (2.5 percent), followed by the food and beverages sub-sector, up by 36,635 persons (4.4 percent).

“Salaries and wages paid also registered an increase of RM1.1 billion with a growth of 4.4 percent on year-on-year comparison, propelled by the wholesale and retail trade sub-sector with an increment of RM491.4 million (4.1 percent).

“On quarterly performance, the number of persons engaged added by 55,661 persons (1.5 percent), with salaries and wages going up to RM531.1 million (2.2 pe cent),” he said.

In a separate statement, Mohd Uzir said the country’s Volume Index of Services grew 6.4 percent to 126.5 points in the second quarter of this year, as compared with the same quarter in 2018.

“The seasonally adjusted volume index of this sector went up by 1.2 percent to 127.2 points in the 2Q19, as compared to the previous quarter.

“The increase of the services sector in 2Q19 was led by wholesale and retail trade, food and beverages and accommodation segment, 6.6 percent, and information and communication and transportation and storage segment, 6.4 percent,” he said.

- Bernama