Malaysia’s Services Sector Generates RM2.3 trillion in Total Revenue for 2023
As reported by the Department of Statistics Malaysia, Malaysia’s services sector saw a surge in revenue in 2023, hitting the RM2.3 trillion mark. This is an 8.4% increase from last year’s RM2.1 trillion.
Wholesale and retail trade contributed 7.7% to the boost, along with transportation and storage (15.8%), and communication and information (5.3%). Overall, e-commerce experienced a 4.9% increase in revenue.
Wholesale and retail trade, accommodation, food and beverage (F&B), and retail trade primarily contributed to the 4.2% growth in the services sector. Transportation and storage (6.6%), business services and finance (1%), and other services (7%) were the other sectors that contributed to this upswing.
Some Sectors Yet to Recover
Although several of Malaysia’s sectors experienced a positive surge, some are yet to cover the revenues they used to have before the COVID-19 pandemic. These sectors are arts, recreation, entertainment, F&B, and personal services. The slow recovery is attributed to tourism-related activities, many of which have not yet achieved the peak they did before the pandemic.
A Resilient Sector with Potential
We can learn from these statistics that Malaysia’s service sector is resilient. This is the opportune moment for foreign investors to capitalise on this momentous upswing, and 3E Accounting can help.
Through our Company Incorporation Services, we can help you set up a business that leverages the positives of the services sector. We’ll help you position your business for strategic new opportunities and expand your market presence.
If you would like to take advantage for the rise, partner with 3E Accounting. Contact us via our website and begin your journey of success together with Asia’s leading industry experts.
