OVERALL PERFORMANCE 2019
Malaysia’s economy registered a value of RM1,510.7 billion (2018: RM1,447.5 billion) at current prices, grew 4.4 per cent as compared to 5.5 per cent in 2018 amid challenging economy in 2019. The value of GDP consists of GOS which recorded a value of RM912.7 billion (2018: RM881.2 billion), while CE reached RM542.4 billion (2018: RM517.8 billion) and Taxes less Subsidies on Production and Imports stood at RM55.6 billion (2018: RM48.5 billion).
GOS maintained its position as the largest income component to GDP with a share of 60.4 per cent (2018: 60.9%) and registered a growth of 3.6 per cent compared to 7.5 per cent in the preceding year. The contribution of CE to Malaysia’s economy was 35.9 per cent and recorded a growth of 4.8 per cent (2018: 6.1%) which was largely led by Services and Manufacturing sectors. Taxes less Subsidies on Production and Imports formed 3.7 per cent (2018: 3.4%) of overall income and registered a double-digit growth of 14.6 per cent (2018: -25.0%) as depicted in Chart 1.
COMPENSATION OF EMPLOYEES 2019
CE of Services sector was the largest contributor to the total CE with a share of 62.6 per cent (2018: 61.8%) and followed by Manufacturing sector which accounted for 22.1 per cent in 2019 as illustrated in Chart 2. Construction sector contributed 9.4 per cent as compared 9.8 per cent in the preceding year. Meanwhile, Agriculture and Mining & quarrying sectors recorded a share of 3.9 per cent and 2.1 per cent respectively.
In 2019, CE grew 4.8 per cent as compared to 6.1 per cent in the preceding year. The growth was mainly attributed by Services and Manufacturing sectors.
The CE in the Services sector recorded a growth of 6.1 per cent (2018: 7.8%), was supported by Wholesale & retail trade, food & beverage and accommodation activities with a favourable growth of 9.1 per cent in 2019. Finance, insurance, real estate and business services (7.5%) and Transportation & storage and information & communication (8.0%) also affected the growth of CE in this sector. However, the slower growth in Services sector was due to the Other services (including government services) which recorded a growth of 2.7 per cent against 5.1 per cent in the previous year.
The growth of CE in Manufacturing sector expanded 4.0 per cent (2018: 5.2%) underpinned by Wood products, furniture, paper products and printing with a growth of 9.3 per cent (2018: 5.7%). Electrical, electronic & optical products (2.2%) and Non-Metallic Mineral Products, Basic Metal and Fabricated Metal Products (5.0%) also supported the growth in this sector. Meanwhile, Petroleum, chemical, rubber & plastic products recorded a growth of 4.4 per cent (2018: 9.2%) supported by rubber products.
Construction sector moderated to 1.0 per cent from 5.1 per cent in the preceding year. The growth was attributed by civil engineering and specialised construction activities. Furthermore, Mining & quarrying sector posted a slower growth of 1.1 per cent against 10.0 per cent in 2018. CE for Agriculture sector rebounded to 0.1 per cent from negative 9.3 per cent in the previous year. The recovery in this sector was mainly supported by the better performance in Rubber, oil palm, livestock and other agriculture activities (Chart 3).
GROSS OPERATING SURPLUS 2019
As the largest contributor to the economy, Services sector accounted 54.6 per cent to total GOS in 2019 followed by Manufacturing sector at 21.3 per cent as shown in Chart 4. Mining & quarrying and Agriculture sectors contributed 12.8 per cent and 9.1 per cent respectively. Meanwhile, Construction sector recorded a contribution of 2.1 per cent.
The slower economic growth in 2019 has affected to the moderation in GOS growth with 3.6 per cent (2018: 7.5%). The GOS in Services sector grew at 6.4 per cent as compared to 9.6 per cent in 2018 as depicted in Chart 5. The growth was attributed by Wholesale & retail trade, food & beverage and accommodation which expanded 7.6 per cent (2018: 11.2%). Meanwhile, Finance, insurance, real estate and business services and Transportation & storage and information & communication moderated to 3.8 per cent and 5.8 per cent respectively. Nonetheless, Other services (including government services) posted a better growth of 7.3 per cent compared 7.0 per cent in the preceding year.
In 2019, GOS of Manufacturing sector grew at slower rate of 1.9 per cent from 7.0 per cent in the previous year. The slower growth was contributed by Petroleum, chemical, rubber & plastic and Food, beverages & tobacco which recorded a slower growth at 0.7 per cent (2018: 14.3%) and 2.8 per cent (2018: 6.3%) respectively.
The momentum of GOS in Construction sector remained its double-digit growth of 10.2 per cent against 13.0 per cent in the preceding year which was mainly supported by the performance of civil engineering activities. However, Mining & quarrying sector declined 4.0 per cent from 11.1 per cent in 2018. Meanwhile, Agriculture sector rebounded to 1.2 per cent from a negative 7.3 per cent in the preceding year. The growth was supported by Rubber, oil palm, livestock and other agriculture which improved to 2.3 per cent (2018: -10.4%).
DATO' SRI DR. MOHD UZIR MAHIDIN
CHIEF STATISTICIAN MALAYSIA
DEPARTMENT OF STATISTICS, MALAYSIA
23 July 2020
Mohd Yusrizal Ab Razak
Public Relation Officer
Strategic Communication and International Division
Department of Statistics, Malaysia
Tel : +603-8885 7942
Fax : +603-8888 9248
Email : yusrizal.razak[at]dosm.gov.my