Malaysia’s services sector revenue rises 5.9 pct in Q3

KUALA LUMPUR, Nov. 8 (Xinhua) — Malaysia’s services sector revenue rose 5.9 percent year-on-year to 618.5 billion ringgit (140.94 billion U.S. dollars) in the third quarter of 2024, official data showed.
The Department of Statistics Malaysia (DOSM) said in a statement on Thursday that the strong growth in the services sector was led by the wholesale and retail trade, food and beverage, and accommodation sectors, which collectively saw a 5.1 percent year-on-year increase.
This growth reflects rising numbers of international and domestic tourists, which in turn have fueled consumer spending and heightened demand across these essential industries, reinforcing tourism’s key role in sustaining the sector’s performance, according to the department.
On the quarterly comparative analysis, the total revenue for the services sector also increased by 1.9 percent compared to the second quarter of 2024.
Meanwhile, e-commerce income for the quarter reached 300.5 billion ringgit, reflecting a 3.8 percent year-on-year increase. This was driven largely by a 4.3 percent rise in the manufacturing sector. (1 Malaysian ringgit equals 0.23 U.S. dollar) ■