Services sector to be the fastest-growing sector of the economy

Services sector: A Penang private hospital staff attending to a patient. The services sector is projected to grow by 5.9 next year.

THE services sector, which accounts for 55% of GDP, is projected to grow by 5.9% next year from 6.3% this year, which will make it the fastest-growing sector of the economy.

The expansion of services next year takes into account an expansion of all subsectors of the sector, which has diversified over the years. Wholesale and retail trade is estimated to grow by 6.3% next year from 7% this year, a gain that was helped especially with the tax holiday after the Goods and Services Tax was zero-rated for three months in 2018.