KUALA LUMPUR: Malaysia’s economy has registered a value of RM1.16 trillion last year, compared with RM1.11 trillion recorded in 2014, according to the Department of Statistics.
In a statement last Friday, the department said gross operating surplus (GOS) held the largest share in income components at 60.5%, compensation of employees contributed 34.8% to the country’s economy, while the remaining 4.7% from taxes less subsidies on production and imports.
Meanwhile, it said the overall economy recorded a growth of 4.6% last year, supported by the positive performance in services, manufacturing and construction sectors.
“Compensation of employees grew 6.2%, compared with 9.7% in the previous year, while GOS slowed to 0.9% (2014: 6.4%).”
“Conversely, taxes less subsidies on production and imports escalated to 62.4%, contributed by the rationalisation of subsidy and implementation of Goods and Services Tax by the government in 2015,” it noted.As the prime mover of the economy, the department said, the services sector contributed the largest share to the total compensation of employees at 60.6% last year, while the manufacturing sector accounted for 23.1%.
Compensation of employees recorded a growth of 6.2% largely impelled by the services and manufacturing sectors, whereby the construction sector remained its stronghold last year, by registering a double-digit growth of 11.5%, compared with 14.8% in 2014.
For 2015, the department said, GOS was led by services with a share of 51.3% followed by manufacturing at 22.5%.
“The mining & quarrying and agriculture sectors contributed 13.6%and 10.8% respectively. Meanwhile, construction accounted for 1.8% to the total GOS,” it added.
