Malaysia’s economy reaches new height of RM1.45 trln in 2018

KUALA LUMPUR: Malaysia’s economy reached a new height of RM1.45 trillion in 2018, at current prices, after a rebasing exercise from base year 2010 to 2015, said the Department of Statistics Malaysia (DoSM).

In a statement, Chief Statistician Malaysia Datuk Seri Dr. Mohd Uzir Mahidin said consequently, the Gross National Income (GNI) per capita registered RM43,086 in 2018, approximately US$10,043.

“Under the 11th Malaysia Plan, the gross national income (GNI) per capita is expected to reach RM47,720 by 2020,” he added.

Mohd Uzir said the DoSM had completed the rebasing of Malaysia’s Gross Domestic Product (GDP) from base year 2010 to 2015. The GDP constant prices are now expressed in 2015 prices.

He said for 2018, Malaysia’s economy grew 4.7 percent (2017: 5.7 percent) at 2015 constant prices with a value of RM1.36 trillion. Malaysia’s economy recorded an annual average growth of 5.0 percent from 2015 to 2018.

“Rebasing of the GDP is a normal statistical procedure performed by National Statistical Offices around the world to ensure statistics reflect the current economic structure. This rebasing exercise is the seventh carried out by DOSM and it gives an opportunity for refining the methodology and incorporating the most recent data,” Mohd Uzir said.  –Bernama

He said by using data from the Economic Census 2016 and Supply and Use Tables 2015, the GDP base year 2015 enables policy makers and analysts to obtain a more recent and accurate set of current economic conditions.

He also said estimates of the GDP at constant prices are fundamentally measured changes in the volume in terms of economic activity, while keeping relative prices constant.

“The base year’s relative price weights become less accurate through the years as prices of goods and services change from time to time.

“Therefore, to update the base year price weights to a more recent reference year, it is essential to periodically rebase the GDP,” he added.

According to the DoSM, in the new base year, the services and manufacturing sectors served as a major contributor to the economy with a combined share of 79.1 percent.

The share of the services sector reached 56.7 percent in 2018 which surpassed the 11th Malaysia Plan’s target of 56.5 percent by 2020.

In 2018, the services sector strengthened as such to 6.8 percent, supported by the wholesale & retail trade and information and communication.

The wholesale and retail trade augmented to 8.1 percent backed by the retail segment which elevated to 10.1 percent, while information and communication posted growth of 8.3 percent, contributed by communication and computer services activities.

The DOSM said following the rebasing of the GDP, other national accounts statistics would be realigned with the new estimates. – Bernama

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