Malaysia’s micro, small and medium enterprises (MSMEs)’ gross domestic product (GDP) rose by 11.6 percent in 2022, reaching 580.4 billion ringgit (128.2 billion U.S. dollars), official data showed Thursday.
The Department of Statistics Malaysia (DOSM) said in a statement that the pace of Malaysia’s MSMEs’ recovery is gaining momentum in 2022, indicating a positive outlook for their continued progress.
According to the DOSM, the MSMEs’ GDP growth surpassed the overall national GDP growth of 8.7 percent, indicating the growing significance of MSMEs in driving economic expansion.
The contribution of MSMEs to the GDP also increased to 38.4 percent from 37.4 percent in 2021.
The services and manufacturing sectors uphold their position as the main contributors to MSMEs’ GDP, accounting for a share of 84.6 percent.
Meanwhile, the MSMEs’ exports totaled 144.5 billion ringgit in 2022, which expanded to 16.3 percent as compared to 5.4 percent in the preceding year.
This growth was driven by the manufacturing sector which grew 19.5 percent as well as the services sector which rebounded 5.7 percent. (1 ringgit equals 0.22 U.S. dollar)