KUALA LUMPUR, July 26 (Xinhua) -- Malaysia's micro, small and medium enterprises (MSME) gross domestic product (GDP) grew 5 percent in 2023, contributing 39.1 percent to Malaysia's economy, official data showed Friday.

The Department of Statistics Malaysia (DOSM) said in a statement that the value added for MSME stood at 613.1 billion ringgit (131.49 billion U.S. dollars) in 2023.

According to the DOSM, the MSMEs' growth surpassed Malaysia's GDP of 3.6 percent in 2023.

For comparison, the MSMEs' GDP surged 12.3 percent in 2022, with a value-added of 584.1 billion ringgit.

The services and manufacturing sectors are the main contributors, which comprise 84.8 percent of the MSMEs' GDP.

The agriculture sector contributed 9.1 percent to MSMEs' GDP, followed by the construction (4.5 percent) and mining and quarrying (0.5 percent) sectors.

Meanwhile, exports of MSMEs stood at 152.2 billion ringgit with a growth of 4.5 percent in 2023, slower than 17.2 percent recorded in the preceding year. (1 ringgit equals 0.21 U.S. dollar) Enditem

Related

Go to Forum >>0 Comment(s)