Gross
Domestic Product (GDP) of MSMEs grew 5.8 per cent, contributing 39.5 per cent to Malaysia’s economy in 2024
Malaysia’s
MSMEs GDP grew by 5.8 per cent in 2024, contributing RM652.4 billion in value added, or 39.5 per cent of
Malaysia’s GDP. MSMEs recorded a slightly higher growth compared to Malaysia’s
overall GDP growth of 5.1 per cent in 2024. For comparison, the MSMEs’ GDP
increased by 4.9 per cent in 2023, with a value added of RM616.6 billion.
The expansion was supported by steady performance in the
Services and Manufacturing sectors, which comprise 84.7 per cent of the
MSMEs’ GDP. This was followed by the Agriculture (8.7%), Construction (5.0%),
and Mining & quarrying (0.5%) sectors.
Exports of
MSMEs amounted to RM196.8
billion, recording growth of 31.3 per cent compared to 3.0 per cent in
2023. This increase was supported by the Services and Manufacturing sectors,
which grew by 114.8 per cent and 7.9 per cent, respectively. In addition, MSMEs’
exports accounted for 14.3 per cent of the total exports in 2024.
MSMEs'
employment continued to register an increase, albeit at a
slower annual growth of 3.1 per cent
as compared to 3.5 per cent in 2023, reaching a total of 8.10 million persons. Accordingly,
the contribution of MSMEs' employment to Malaysia's total employment in 2024
was 48.7 per cent, an increase of 0.2 percentage points compared to the
previous year.
MSMEs' labour
productivity improved by 2.6 per cent,
reaching RM80,507 per person. All sector recorded growth in labour
productivity, with the highest growth was recorded in the Construction sector
(16.8%), followed by the Manufacturing (2.2%), Mining & quarrying (2.0%),
Agriculture (1.9%) and Services (1.6%) sectors.
The full publication of Micro, Small and Medium Enterprises (MSMEs)
2024 can be downloaded through eStatistik portal.
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