Friday 29 Mar 2024
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KUALA LUMPUR (Dec 26): The total supply and use in the Malaysian economy grew 5.7% per year over five years, from RM2.7 trillion in 2010 to RM3.5 trillion in 2015.

According to the Department of Statistics Malaysia, this portrays the economic performance, as well as the relationship between producers and consumers, and the interdependence between industries.

Its chief statistician Datuk Seri Mohd Uzir Mahidin said in terms of supply, domestic production contributed a larger share with 78.1% while imports were at 20.6% and net taxes on products contributed 1.3%.

“The domestic production was impelled by the manufacturing sector with a contribution of 42.1% (RM1.2 trillion). The main contributor to this sector was the manufacture of electronic components and boards (12.6%)," he said in a statement today.

“Meanwhile, 41.8% was contributed by the services sector, out of which, wholesale and retail trade subsector was the main impetus with 10.9%,” Uzir added.

Total imports of goods and services grew by 4.6% annually to reach RM728.8 billion in 2015. The value of imports of goods registered RM572.1 billion (78.5%) in 2015, while imports of services increased to RM156.7 billion (21.5%).

In terms of use, final use registered 53.8% as against intermediate use with 46.2%. Intermediate use in 2015 was RM1.6 trillion compared with RM1.3 trillion in 2010, recording an annual growth of 5.2%.

The manufacturing sector remained the largest contributor to intermediate use at 56.1%, increasing to RM917.6 billion in 2015 from RM720.3 billion in 2010.

“Final use grew 6.2% per year to attain RM1.9 trillion in 2015 compared with RM1.4 trillion in 2010. Exports posted the highest contribution to the final use with 42.9% followed by private consumption with 33.5%,” said Uzir.

Total exports of goods and services for 2015 was RM817.4 billion, with an annual growth of 1.9%. The value of exports of goods posted was RM681.3 billion, while exports of services increased to RM136.1 billion in 2015.

Private consumption in 2015 was RM637.5 billion, up 10.5% per year from RM387.1 billion in 2010.

Food and non-alcoholic beverages posted the highest contribution to household consumption in Malaysia with RM136.6 billion (20.6%). Out of which, refined palm oil was the most consumed with 2.6%, followed by chicken eggs as well as coconut oil with 1.9 % and 1.2 %, respectively. The second highest contributor to household consumption was housing, water, electricity, gas and other fuels with 15.6% or RM103.4 billion, followed by transport with 13.4% (RM88.9 billion).

The Department of Statistics noted that gross fixed capital formation (GFCF) in 2015 recorded a growth of 11% per year, rising to RM307.2 billion from RM182.6 billion in 2010. The services sector was the major contributor to GFCF with 57.7 % or RM177.4 billion.

“On that same note, the Malaysian economy has achieved a value added of RM1.1 trillion in 2015 as against RM805.2 billion in 2010, a rise of 7% per year,” it added.

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