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Malaysia’s SMEs growth contracts for first time last year

Malaysian small and medium enterprises (SMEs)’s growth contracted by 7.3 percent in 2020 for the first time in the past 17 years, reported the Department of Statistics Malaysia (DOSM).
Malaysia’s SMEs growth contracts for first time last year ảnh 1Illustrative image (Photo: Reuters)

Kuala Lumpur (VNA) – Malaysiansmall and medium enterprises (SMEs)’s growth contracted by 7.3 percent in 2020 forthe first time in the past 17 years, reported the Department of StatisticsMalaysia (DOSM).

The DOSM saidin a statement that the prolonged health crisis caused by COVID-19 pandemic in2020 has affected Malaysia's businesses, especially the SMEs.

"TheSMEs' GDP for the year 2020 contracted 7.3 percent, higher than the decline inMalaysia's GDP and Non-SMEs GDP which registered negative 5.6 percent andnegative 4.6 percent respectively. Since 2004, this was the first time the SMEsperformance was lower than Malaysia's GDP and Non-SMEs GDP," it said.

SMEs contributed 38.2 percent to Malaysia's total GDP last year.

According to the DOSM, SMEs GDP for all sectors recorded anegative growth in 2020.

SMEs value added for the services sector decreased 9.2 percentin 2020; construction sector declined by 15.4 percent; manufacturing sectorfell 2.9 percent; mining and quarrying sector dropped by 7.1 percent;agriculture sector slipped 0.3 percent./.

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