KUALA LUMPUR, Feb. 12 (Xinhua) -- Malaysia's services sector hit a new high of 2.4 trillion ringgit (540 billion U.S. dollars) in revenue by registering 6.3 percent growth in 2024, official data showed Wednesday.

The Department of Statistics Malaysia (DOSM) said in a statement that this steady performance was largely underpinned by the continued recovery of tourism-related industries, driven by 25 million international tourist arrivals and rising domestic travel activity.

The wholesale and retail trade, food and beverages, and accommodation segments remained key contributors, supported by sustained consumer demand and increased travel activity.

For the fourth quarter of 2024, the services sector revenue surged 6.2 percent year-on-year to 627.9 billion ringgit.

"As Malaysia moves forward, the services sector remains a critical pillar of economic growth, supported by strong consumer spending, digital transformation, and increasing investments in infrastructure and technology," said the DOSM.

Moving ahead, the DOSM noted that sustained efforts in tourism development, digital innovation, and business expansion will be crucial in maintaining the sector's positive momentum and reinforcing Malaysia's position as a regional economic hub. (1 ringgit equals 0.22 U.S. dollars) Enditem

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