(MENAFN) Official data from the Department of Statistics Malaysia (DOSM) revealed that Malaysia's services sector revenue experienced a notable year-on-year growth of 6.1 percent, reaching 594.5 billion ringgits (approximately 125.37 billion U.S. dollars) during the first quarter of 2024. This expansion was attributed to positive performance across all segments of the services sector, signaling a robust economic trajectory.
Specifically, significant contributions to this growth were observed in the wholesale and retail trade, food and beverages, and accommodation segment, which collectively saw a 5.4 percent increase, amounting to 451.6 billion ringgit. Such buoyancy across key sectors underscores the resilience of Malaysia's services industry amidst evolving market dynamics.
Furthermore, on a quarterly basis, the total revenue generated by the services sector exhibited a modest uptick of 0.5 percent compared to the preceding quarter of 2023. This incremental growth reflects the sector's sustained momentum and capacity to adapt to changing market conditions.
In tandem with broader economic trends, Malaysia's e-commerce sector also demonstrated positive performance, with income surging by 0.5 percent to 293.2 billion ringgit (equivalent to approximately 61.57 billion U.S. dollars) in the first quarter of 2024. Moreover, when analyzed on a quarter-on-quarter basis, e-commerce income showed a marginal yet noteworthy increase of 0.5 percent, highlighting the sector's resilience and ongoing contribution to Malaysia's economic landscape.
These statistics underscore Malaysia's continued progress in diversifying its economy and leveraging emerging opportunities within the services sector, particularly in areas such as e-commerce, which continue to play a pivotal role in driving economic growth and fostering innovation. Moving forward, sustained efforts to enhance competitiveness, promote digitalization, and foster a conducive business environment are imperative to ensure continued expansion and resilience across Malaysia's services industry.
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