KUALA LUMPUR, July 31 (Xinhua) -- Malaysia's micro, small and medium enterprises (MSMEs) gross domestic product (GDP) grew by 5.8 percent in 2024, contributing 652.4 billion ringgit (153.42 billion U.S. dollars) in value added, or 39.5 percent of Malaysia's GDP, official data showed Thursday.
The Department of Statistics Malaysia (DOSM) said in a statement that MSMEs recorded a slightly higher growth compared to Malaysia's overall GDP growth of 5.1 percent in 2024.
For comparison, the MSMEs' GDP increased by 4.9 percent in 2023, with a value added of 616.6 billion ringgit.
The expansion was supported by steady performance in the services and manufacturing sectors, which comprise 84.7 percent of the MSMEs' GDP.
This was followed by the agriculture (8.7 percent), construction (5 percent), and mining and quarrying (0.5 percent) sectors.
Exports of MSMEs amounted to 196.8 billion ringgit, recording growth of 31.3 percent compared to 3 percent in 2023.
This increase was supported by the services and manufacturing sectors, which grew by 114.8 percent and 7.9 percent, respectively.
In addition, MSMEs' exports accounted for 14.3 percent of the total exports in 2024. (1 ringgit equals 0.24 U.S. dollars) ■
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