Economics Local

Higher income for all

gdp-q1-BNM-2017-chart-2005

Syndicated News
Written by Syndicated News

PUTRAJAYA — May 26, 2017: The mean monthly salaries and wages of Malaysians increased 6.3 per cent to RM2,463 in 2016 from RM2,312 in the year before.

In fact, since 2010 the median and mean monthly salaries and wages of employees have been showing an upward trend.

In 2016, employees residing in Putrajaya, Kuala Lumpur and Selangor recorded the highest monthly median salaries and wages at RM3,250, RM2,500 and RM2,362, respectively, compared with six years ago at RM2,067, RM1,800 and RM1,700, respectively.

The details were disclosed by Chief Statistician Dr. Mohd. Uzir Mahidin after a briefing on the Malaysian economic statistics in the first quarter of 2017 for industry players and research companies here today.

The mean (average) monthly salaries and wages refers to all remunerations received before deduction of the Employee Provident Fund contributions and personal income tax.

Uzir said that in Putrajaya, most civil servants and professionals earned a minimum wage of RM1,000 monthly. A  salesgirl at a shopping mall could fetch between RM1,000 and RM2,000 a month.

As Putrajaya has no factories, it has no low-wage earners there, he added.

On the country’s labour force, Uzir said it increased 0.1 per cent to 14.93 million in March this year from 14.92 million in February, with the labour force participation rate at 67.7 per cent

The unemployment rate decreased to 3.4 per cent in March this year, while year-on-year unemployment rate was 0.1 percentage point lower than March last year.

Uzir further stated that Malaysia’s economy remained resilient at 5.6 per cent in the first quarter of this year compared with 4.5 percent in the fourth quarter of 2016.

On a quarter-on-quarter seasonally adjusted, the gross domestic product n the first quarter grew 1.8 per cent, with sectors like services (5.8 per cent), manufacturing (5.6 per cent), agriculture (8.3 per cent) and construction (6.5 per cent) becoming major drivers of the economy.

All sectors on the production side posted a favourable growth rate except the mining and quarrying sector which rose 1.6 per cent due to slower production of crude oil and natural gas.

On the expenditure side, private final consumption expenditure and gross fixed capital formation were the main catalysts for the growth.

On the GDP forecast for the second quarter, Uzir said it was expected to grow stronger and higher based on the first quarter performance.

“The economists are becoming more positive on the economic outlook for the country, mainly due to the improving global trade prospects,” he remarked. — Bernama

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