Gross Domestic Product Income Approach
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Gross Domestic Product Income Approach 2022
Gross Domestic Product Income Approach 2021 27 July 2021
Gross Domestic Product Income Approach 2020 23 July 2020
Gross Domestic Income 2019 24 July 2019
Gross Domestic Income 2018 26 July 2018
Malaysia’s Gross Domestic Income 2017 27 July 2017
Gross Domestic Product Income Approach 2010-2016 Show all release archives
Overview
OVERALL PERFORMANCE 2022
Malaysia's GDP in
current terms strengthened with a growth of 15.7 per cent in 2022 from 9.2
per cent in the previous year which is the highest annual growth recorded
within the period of 14 years (2008: 15.7%). The favourable performance
was recorded in all sectors, where the Services and Manufacturing sectors
accounted for 76.8 per cent of the GDP. The expansion in GDP was propelled
by the higher performance of GOS, followed by CE. The GOS remained the largest
income component with a share of 67.0 per cent (2021: 62.6%) which was backed
by the Services and Manufacturing sectors. Hence, GOS registered a growth
of 23.9 per cent (2021: 14.0%) with a value of RM1,200.6 billion in 2022 as
compared to RM969.0 billion in the previous year. The contribution of CE
to Malaysia’s GDP was 32.4 per cent, as against 35.1 per cent in the preceding
year. CE grew 6.5 per cent (2021: 2.7%) and amounted RM579.7 billion (2021:
RM544.2 billion), which was driven by the Services and
Manufacturing sectors. Nevertheless, Net taxes contributed 0.6 per
cent (2021: 2.3%) to Malaysia’s economy which further declined 69.2 per cent
from a decrease of 7.4 per cent in 2021. The contraction was attributed to higher
increase in subsidies than taxes on production and imports in 2022. Taxes on
production and imports increased 23.8 per cent, while subsidies recorded a
remarkable growth of 134.4 per cent in response to the hike in inflation
and ongoing economic recovery efforts. Net taxes registered a value of RM11.0
billion in 2022 as compared to RM35.7 billion in the previous year.
COMPENSATION OF
EMPLOYEES 2022
Services sector was the largest contributor to the
total of Malaysia’s CE in 2022, accounting for 62.2 per cent (2021: 62.7%)
followed by the Manufacturing sector with a share of 24.1 per cent, from 23.6
per cent in 2021. Besides, the Construction sector contributed 8.1 per cent
(2021: 7.9%) while Agriculture and Mining & quarrying sectors accounted for
3.6 per cent (2021: 3.7%) and 2.1 per cent (2021: 2.0%) of CE respectively.
The CE component, which encompasses the
remuneration received by employees for their labour services provided in the
production of goods and services. Following the economic recovery in 2022, CE
posted a growth of 6.5 per cent as compared to 2.7 per cent in the preceding
year dominated by the Services and Manufacturing sectors. CE in Services sector
grew 5.6 per cent as compared to 1.7 per cent in the preceding year, attributed
by Wholesale & retail trade, food & beverage and accommodation
sub-sector which increased to 7.4 per cent (2021: 1.0%). Transportation &
storage and information & communication sub-sector expanded 9.7 per cent
(2021: 1.3%). Stronger growth was registered by Finance, insurance, real estate
and business services sub-sector in 2022 at 6.0 per cent (2021: 1.2%). CE in
the Manufacturing sector increased 8.6 per cent as compared to 8.1 per cent in
2021. The growth was mainly supported by Electrical, electronic & optical
products, which registered a growth of 12.4 per cent (2021: 11.4%).
Furthermore, Non-metallic mineral products, basic metal & fabricated metal
products and Wood products, furniture, paper product and printing also contributed
in this sector by registering a growth of 6.9 per cent and 6.7 per cent,
respectively. Meanwhile, CE in Construction and Mining & quarrying sectors
accelerated with a growth of 9.0 per cent (2021: -3.4%) and 10.3 per cent
(2021: 5.1%), respectively. In addition, CE in the Agriculture sector recovered
to 2.3 per cent from a contraction of 1.4 per cent in 2021.
GROSS OPERATING SURPLUS
2022
GOS of Services sector made a substantial
contribution to the overall GOS, which amounted 50.0 per cent in 2022. This was
followed by the Manufacturing sector, with a share of 23.5 per cent. The Mining
& quarrying and Agriculture sectors accounted for 13.3 per cent and 11.6
per cent, respectively. Meanwhile, Construction sector formed 1.6 per cent of
GOS in 2022.
GOS formed a substantial share to GDP and the growth of this component was in line with the economic performance. Thus, GOS surged to 23.9 per cent surpassing the economic growth of 15.7 per cent, supported by the expansion in all sectors. GOS in the Services sector grew at the fastest rate of 20.7 per cent (2021: 4.0%), driven by the Wholesale and retail trade, food & beverage and accommodation sub-sector which grew 28.7 per cent (2021: 3.3%). Meanwhile, Transportation & storage and information & communication; and Finance, insurance, real estate & business services sub-sectors increased to 23.8 per cent (2021: 6.9%) and 11.5 per cent (2021: 4.1%), respectively. GOS of the Manufacturing sector strengthened to 26.2 per cent, from 22.0 per cent in the previous year. The growth was propelled by Petroleum, chemical, rubber and plastic products with double-digit growth of 25.6 per cent. Meanwhile, Electrical, electronic and optical products remained its double-digit growth of 27.8 per cent (2021: 11.2%). Furthermore, Food, beverages & tobacco expanded 23.6 per cent as against 19.0 per cent in 2021. Mining & quarrying sector increased by 47.9 per cent (2021: 28.8%). GOS of Agriculture sector, which grew by 10.2 per cent spearheaded by Rubber, oil palm, livestock and other agriculture sub-sector. GOS of Construction recorded a strong double-digit growth of 37.8 per cent (2021: 0.6%) attributed by Civil engineering and Non-residential buildings activities.
Press Statement
Technical Notes / Methodology
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