Malaysia records 2.2% productivity growth


  • Business
  • Wednesday, 26 Jun 2019

Malaysia

KUALA LUMPUR: Malaysia recorded a 2.2% labour productivity growth at RM91,971 last year, which helped the nation’s GDP grow 4.7% in 2018 despite the challenging economic environment.

This is, however, lower compared to the 3.7% growth recorded in 2017 where Malaysia’s GDP grew 5.7%.

The services sector recorded the highest growth in labour productivity at 3.5%, equivalent to RM86,921 while the manufacturing sector remained the highest in terms of productivity levels at RM121,841 at a growth of 2.4%. These figures were also lower than the growth recorded in 2017 where services and manufacturing were at 4.2% and 3.9% respectively.

Agriculture was the only sector to register a contraction of 0.2% to RM53,943 from a growth of 2.1% growth in 2017.

These were among the highlights in the Productivity Report 2018/2019 launched by the International Trade and Industry Ministry (Miti) yesterday.

Minister Datuk Darell Leiking said Malaysia’s productivity growth surpassed many developed countries, including Japan, South Korea, Australia and the United States.

“Nevertheless, we need to redouble our efforts to remove barriers to productivity growth at both macro and micro economic levels, as outlined in the Malaysia Productivity Blueprint (MPB).

“Productivity improvements in the priority subsectors are crucial and will be a major contributing factor to accelerate national labour productivity growth,” he said in his speech during the launch of the productivity report and the Miti Report 2018.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Skeptical on U.S. stocks, equity hedge funds sit out market rally
Kiplepay informs users on potential indirect data breach through third-party payment gateway provider
MoF welcomes feedback to public survey on targeted subsidy programme
Perak Transit reports record net profit of RM14.87mil in 2Q
Berjaya Food net profit soars to RM122.74mil in FY22
Ringgit falls as investors await Fed's direction
Airasia looks to re-establish Penang hub considering strong regional demand
MyCIF's ECF, P2P platforms raise more than RM2.7bil as of Dec 31, 2021
FBM KLCI jumps 14.77 points to 2-month high
Public Bank to provide Gamuda Land special sustainable financing package

Others Also Read