ID :
188448
Tue, 06/14/2011 - 12:01
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https://oananews.org//node/188448
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SERVICES SECTOR TO CONTRIBUTE 58 PCT TO GDP
KUALA LUMPUR, June 14 (Bernama) -- The services sector will continue to spearhead economic growth this year with value-added anticipated to increase by seven per cent, raising its gross domestic product (GDP)contribution to 58 per cent, said Ministry of International Trade and Industry (MITI).
As a prime growth engine for the Malaysian economy, the services sector is also targeted to contribute 61 per cent to GDP by the end of the 10th Malaysia Plan.
The gradual recovery of the world economy is expected to contribute to a better performance of the services sub-sectors, particularly those identified by the National Key Economic Areas.
The contribution from services (including government services) to GDP was 57.4 per cent last year, with a total investment of RM36.74 billion. (US$1=RM3.04)
The value-added increased by 6.8 per cent to RM320.6 billion, MITI said in its 2010 Malaysia International Trade and Industry Report here Tuesday.
The wholesale, retail trade and motor vehicle sub-sector was the largest contributor to GDP with 13.4 per cent share followed by finance and insurance (11.6 per cent), real estate and business services (5.5 per cent) and communication (4.2 per cent).
The communication sub-sector recorded the highest increase in value-added of 8.5 per cent followed by utilities sub-sector (8.2 per cent) and wholesale, retail trade and motor vehicle sub-sector (7.9 per cent).
MITI said investments in the services sector last year totalled RM36.74 billion comprising domestic investments of RM32.79 billion and foreign investments of RM3.95 billion.
Domestic investments will continue to contribute significantly to the services sector, it said.
It said there is anticipation of greater foreign investor interest as a result of government liberalisation initiatives, implementation of free trade areas and improved market access provided through the Asean Framework Agreement on Services.
A total of 3,281 projects were approved, with the major investment in real estate (17.8 per cent), telecommunication (17.4 per cent), transport (15.3 per cent), energy (15 per cent) and hotel and tourism (7.6 per cent).
"They created 53,435 employment opportunities mainly in the hotel and tourism, information and communication technology and distributive trade sub-sectors," it said.
-- BERNAMA
As a prime growth engine for the Malaysian economy, the services sector is also targeted to contribute 61 per cent to GDP by the end of the 10th Malaysia Plan.
The gradual recovery of the world economy is expected to contribute to a better performance of the services sub-sectors, particularly those identified by the National Key Economic Areas.
The contribution from services (including government services) to GDP was 57.4 per cent last year, with a total investment of RM36.74 billion. (US$1=RM3.04)
The value-added increased by 6.8 per cent to RM320.6 billion, MITI said in its 2010 Malaysia International Trade and Industry Report here Tuesday.
The wholesale, retail trade and motor vehicle sub-sector was the largest contributor to GDP with 13.4 per cent share followed by finance and insurance (11.6 per cent), real estate and business services (5.5 per cent) and communication (4.2 per cent).
The communication sub-sector recorded the highest increase in value-added of 8.5 per cent followed by utilities sub-sector (8.2 per cent) and wholesale, retail trade and motor vehicle sub-sector (7.9 per cent).
MITI said investments in the services sector last year totalled RM36.74 billion comprising domestic investments of RM32.79 billion and foreign investments of RM3.95 billion.
Domestic investments will continue to contribute significantly to the services sector, it said.
It said there is anticipation of greater foreign investor interest as a result of government liberalisation initiatives, implementation of free trade areas and improved market access provided through the Asean Framework Agreement on Services.
A total of 3,281 projects were approved, with the major investment in real estate (17.8 per cent), telecommunication (17.4 per cent), transport (15.3 per cent), energy (15 per cent) and hotel and tourism (7.6 per cent).
"They created 53,435 employment opportunities mainly in the hotel and tourism, information and communication technology and distributive trade sub-sectors," it said.
-- BERNAMA
