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| Services sector to see lower growth in 2009 |
| Written by Melody Song | |||
| Friday, 03 July 2009 00:03 | |||
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However, the sector would continue to play an important role in supporting the manufacturing sector and as the largest contributor to the country's gross domestic product (GDP). Miti said various measures would be implemented in 2009 and new measures would be put in place by the government through the economic stimulus packages, to mitigate the impact of the economic slowdown on the Malaysian economy. "The stimulus packages for the services sector, which included the establishment of the Services Sector Capacity Development Fund, providing additional funds to existing grants and loan schemes and intensifying export promotion activities, are expected to contribute to the development of the services sector," it said. The ministry said the tourism and maritime transport sub-sectors were expected to further contribute towards sustaining the growth of the services sector in 2009. "With these measures in place, the services sector is expected to sustain its GDP growth in 2009, albeit at a lower rate than that in 2008," it said. Reviewing the services sector performance in 2008, Miti said the sector remained strong and continued to be the main contributor to Malaysia's GDP with 55% in 2008, compared with 53.7% a year earlier. It said the non-government services contribution to GDP rose to 47.6% in 2008 from 46.7% in 2007.
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