Malaysian SME Contributions To GDP Increase To 36.3 Percent

KUALA LUMPUR, Sept 23 (Bernama) -- The Malaysian small and medium enterprises' (SMEs) contributions to the national gross domestic product (GDP) increased to 36.3 per cent last year compared to the 35.9 per cent in 2014. In a statement Friday, the Department of Statistics said at constant 2010 prices, the value added by SMEs rose to US$93.89 billion (RM385.6 billion) against RM363.4 billion in 2014. (US$1 = RM4.10) "SMEs recorded a strong growth of 6.1 per cent, while GDP grew at five per cent in 2015. "The services, manufacturing and construction sectors were the key drivers in gearing up the performance of SMEs for 2015 with a share of 86.4 per cent to total SME GDP," it said. The department said the value added of SMEs for the services sector expanded by 6.6 per cent as compared to 5.1 per cent recorded in overall value added for this sector with the wholesale & retail trade, food & beverage and accommodation sub-sector has emerged as the prime-movers. It said the expansion of this sector was also fuelled by the positive momentum in finance, insurance, real estate and business services sub-sector, mainly induced by real estate and business services. Meanwhile, SMEs in manufacturing sector grew by six per cent, outpacing the 4.9 per cent posted in overall value added for this sector, it said. "The growth was primarily spearheaded by petroleum, chemical, rubber & plastic products, largely backed by chemicals and chemical products. "Moreover, non-metallic mineral products, basic metal & fabricated metal products also supported the performance in this sector," it said. The department said the value added of SMEs in construction sector grew by 7.6 per cent as compared to 8.2 per cent registered by overall value added for this sector. The specialised construction ativities and non-residential buildings underpinned the SMEs momentum for construction, it said. It said the services, manufacturing and mining & quarrying were the forefront sectors in Malaysia's economy for 2015. "These three sectors contributed 85.5 per cent to the GDP. "From the SME GDP perspective, services (58.9 per cent) and manufacturing (21.7 per cent) sectors were the anchor of SMEs economic structure. "Agriculture represents the third largest contributor with a share of 12 per cent," it said. --BERNAMA