Malaysia’s GDP value at RM1.353 trillion in 2017

KUALA LUMPUR: Malaysia’s economy augmented further in 2017 with the Gross Domestic Product (GDP) value at current prices reaching RM1.353 trillion, up 9.9 per cent from the RM1.231 trillion registered in 2016.

The expansion in GDP was spearheaded by the Gross Operating Surplus (GOS) which recorded RM813.0 billion (2016: RM732.6 billion), while Compensation of Employees (CE) amounted to RM475.7 billion, up 9.6 per cent from 2016, said Chief Statistician of Malaysia Datuk Seri Dr Mohd Uzir Mahidin.

In a statement released by the Statistics Department today, he said taxes less subsidies on production and imports stood at RM64.7 billion (2016: RM64.4 billion).

Meanwhile, GOS, which increased by 11 per cent from 2016, remained the largest share in income components at 60.0 per cent (2016: 59.5 per cent) while that of CE, which expanded 9.6 per cent, contributed 35.2 per cent to the Malaysian economy, largely driven by the services and manufacturing sector.

Taxes less subsidies on production and imports grew a marginal 0.5 per cent after posting a 15.7 per cent growth in 2016, accounting for 4.8 per cent (2016: 5.2 per cent) of overall income, he said.

For CE, services was the largest contributor at 60.0 per cent (2016: 60.7 per cent) while that of manufacturing expanded to 23.2 per cent as compared to 22.7 per cent in 2016.

Construction contributed 10.1 per cent while agriculture and mining  and  quarrying accounted for 4.9 per cent and 1.8 per cent respectively.

For GOS, services contributed 51.0 per cent, followed by manufacturing at 22.4 per cent, mining  and  quarrying (13.8 per cent), agriculture (11.1 per cent), with the lowest contribution by construction (1.7 per cent).

The statement said the 11 per cent growth in GOS surpassed the economic growth of 9.9 per cent, supported by the expansion in all sectors, with the 8.7 per cent growth in services sector being enhanced by the double-digit growth of 10.2 per cent in wholesale  and  retail trade, food  and  beverage and accommodation. - Bernama