Economics Local

Malaysia’s economic fundamentals remain strong


Syndicated News
Written by Syndicated News

KUALA LUMPUR — June 20, 2017: Malaysia’s economic fundamentals remain strong and the country is well on the way towards achieving developed nation status.

According to a report by the Statistics Department that is published every five years, the number of companies in Malaysia had grown by 6.8 per cent to 920,624 in 2015, compared with 663,010 in 2010, with the services sector accounting for 88.9 per cent.

The companies had generated value-added of RM983 billion in 2015.

“Among the industries which had generated the highest amount in added-value was petroleum and natural gas extraction, with RM92.3 billion,” said chief statistician, Dr. Mohd. Uzir Mahidin, at a 2016 Economic Census press conference here today.

According to Uzir, this was in line with the country’s rapid economic growth between 2010 and 2015.

Currently the services sector remains as the main contributor to the nation’s economic structure at 52.6 per cent, up from 51.6 per cent in 2010, followed by the manufacturing sector with 26.3 per cent compared to 25.6 per cent previously.

The government is also actively working towards strengthening the services sector which it sees as being the main driver of the country’s growth, especially with the formulation of the small and medium enterprises master plan.

Manufacturing recorded the highest output for the first time of RM1.1 trillion with value added of RM259.2 billion and involved 2.1 million workers.

Uzir said Malaysia has a competitive advantage when it involves the manufacturing sector, as many local companies are active in the international markets, in addition to having the latest technology at their behest. — Bernama




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