PETALING JAYA: Malaysia’s nominal gross domestic product (GDP) amounted to RM1.8 trillion in 2023, growing 1.6% compared to 15.8% in the previous year...
Malaysia’s nominal gross domestic product amounted to RM1.8 trillion in 2023, growing 1.6% compared to 15.8% in the previous year, Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said today.
Nevertheless, GOS still contributed substantially to GDP at 64.8% although it was 2.3% lower than the previous year. The remaining component was taxes less subsidies on production and imports , which accounted for 2.1%. The services sector was the largest contributor to the CE, represented 62.5%, followed by the manufacturing sector with 23.6% share. Collectively, these sectors made up 86.1% of overall CE, reflecting a significant role in the economy.
The fall of commodity prices in 2023 has lowered profitability across these sectors, leading to a marked decrease in overall GOS. Nevertheless, the contraction was partially alleviated by the growth in the services and construction sectors at 5.3% and 1.3%, respectively.
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