SMEs' contribution to GDP down 7.3% in 2020

Tight restrictions to curb the spread of the Covid-19 pandemic have also impacted SMEs.

KUALA LUMPUR: Malaysia’s small and medium enterprises’ (SMEs) contribution to the gross domestic product (GDP) contracted by 7.3 per cent in 2020, according to the Department of Statistics Malaysia (DOSM).

It said the contraction was higher than the decline in Malaysia’s GDP and non-SMEs GDP which registered negative 5.6 per cent and negative 4.6 per cent, respectively, mainly due to the health crisis caused by the COVID-19 pandemic in 2020.