Value of Malaysian economy is RM1.16 trillion

malaysia-economy1KUALA LUMPUR: Malaysia’s economy registered a value of RM1.16 trillion last year.

This is an increase over the RM1.11 trillion recorded in 2014, according to the Department of Statistics.

In a statement last Friday, the department said gross operating surplus (GOS) provided the largest share in income components at 60.5 per cent while compensation of employees contributed 34.8 per cent to the country’s economy.

According to a report in The Sun, the remaining 4.7 per cent was from taxes less subsidies on production and imports.

Meanwhile, the statement said, the overall economy recorded a growth of 4.6 per cent last year, supported by the positive performance in services, manufacturing and construction sectors.

“Compensation of employees grew 6.2 per cent, compared with 9.7 per cent in the previous year, while GOS slowed to 0.9 per cent (It was 6.4 per cent in 2014).”

“Conversely, taxes less subsidies on production and imports escalated to 62.4 per cent, contributed by the rationalisation of subsidy and implementation of the Goods and Services Tax by the government in 2015,” it noted.

The services sector, as the prime mover of the economy, contributed the largest share to the total compensation of employees at 60.6 per cent last year, while the manufacturing sector accounted for 23.1 per cent.