Malaysia’s services sector saw strong growth in the third quarter of 2024, with revenue reaching RM618.5 billion, a 5.9% increase year-on-year. The growth was driven by the wholesale and retail trade, food and beverage, and accommodation sectors, benefiting from a rise in international and domestic tourism.
Other sectors, including professional, real estate, and administrative services, also performed well, with real estate-related activities seeing notable gains. The information, communication, and transportation sectors expanded by 6.1%, driven by a 14.1% increase in air passenger traffic. Additionally, private healthcare, education, and entertainment services saw significant growth.
On a quarterly basis, the services sector grew by 1.9%, with RM8.1 billion added by the wholesale, retail, food, and accommodation sectors. E-commerce income reached RM300.5 billion, up 3.8% year-on-year. Employment in the services sector increased by 1.7%, bringing the total to 4.5 million, while total salaries and wages rose by 3.8% to RM33.0 billion. The sector’s performance reflects rising consumer demand and a positive economic outlook.
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