KUALA LUMPUR: Malaysia’s gross operating surplus (GOS) slumped 6.9% in 2020 compared with 3.7% in 2019 – the lowest since 2009 (-12.6%) – due to lower capacity of production, according to the Department of Statistics Malaysia.
Chief statistician Datuk Seri Mohd Uzir Mahidin said the GOS, which consists of corporate profits earned by firms, constituted 60.1% of the total economy in 2020 compared with 60.4% in the previous year.
The services sector continued to be a major contributor to the GOS with a share of 56% last year.
“This was followed by the manufacturing sector at 21.6%, agriculture at 10.5%, and mining and quarrying at 10% while the construction sector contributed 1.9% to GOS,” he said in a statement in conjunction with the release of the Statistics of Malaysia’s gross domestic product (GDP) income approach for 2020 yesterday.
Mohd Uzir noted that Malaysia’s GDP in current prices recorded a decrease of 6.4% in 2020 compared with 4.5% in 2019 as all income components declined.
The compensation of employees (CE), which consisted of wages paid to employees, declined 3% in 2020, falling for the first time since the series began in 2005.
“Nonetheless, the share of CE to the total economy increased to 37.2% (2019: 35.9%) contributed by the decreasing share of the GOS in 2020,” he said.
Mohd Uzir said in terms of share, the CE of the services sector was the largest contributor to the total CE, comprising 63.5% in 2020.
“The share of CE in the manufacturing sector accounted for 22.6%, followed by construction and agriculture sectors which contributed 7.9% and 4.1%, respectively,” he said. — Bernama