BUKIT LANJAN: Don’t be irrational, accept facts and figures on economic growth

BUKIT LANJAN: Don’t be irrational, accept facts and figures on economic growth
To the political doomsayers who continue to rubbish Malaysia’s economic recovery or positive economic indicators, so be it.

Many still cast doubts over statistics that show Malaysia’s Gross Domestic Product (GDP) is on track to a 5% growth this year, up from 2016’s 4.2%.

They also ignore the fact that the Kuala Lumpur Composit Index (KLCI) has also expanded 7%, thus far, this year.

“Now, Malaysia’s Statistics Department has reported that the country’s manufacturing sector’s output value had risen to RM1.14 trillion in 2015 compared with 2010’s RM836.5 billion,” Gerakan Deputy Speaker Syed Abdul Razak Alsagoff said.

“This means there was a 6.4% compound annual growth rate (CAGR) value per annum,” he added.

“Why do some Malaysians still continue to not see and accept the statistics? Why do they continue to be politically emotional and turn a blind eye to Malaysia’s positive economic growth indicators?

“That is a very irrational behaviour. You have to accept facts and figures. This is not about politics, it is about our economy,” he added.

Syed Razak, who is Gerakan’s nominee to contest N.37 Bukit Lanjan in the coming 14th General Election (GE14), said Malaysians needed to allocate more energy and time to economic activities instead of politicking.

“It’s absolutely unproductive to be politically emotional and partisan. Spend more time and energy on work, this will generally contribute to nation-building and ensure Malaysia’s economic progress,” he added.

Here’s what was reported by Malaysia’s Statistics Department as posted by The Star Online:

"Business News
Home > Business > Business News
Monday, 10 July 2017 | MYT 5:37 PM

Manufacturing sector’s output value rises to RM1.14 trillion

KUALA LUMPUR: The gross output value of the manufacturing sector rose to RM1.14 trillion in 2015 compared to RM836.5bil in 2010, with 6.4% compound annual growth rate (CAGR) value per annum, said Malaysia’s Statistics Department.

In a statement on Monday, the department said the gross output value in 2015 was the best achievement by sector under Economic Census 2016.

It said the electrical, electronic and optical products sub-sector was the largest contributor with RM322bil (28.2%).

Petroleum, chemical, rubber and plastic products was second largest contributing sub-sector with RM299.1bil (26.2%) followed by vegetable and animal oils and fats and food processing sub-sector recording RM199.8bil (17.5%), it said.

The Statistics Department said in line with the rapid growth in gross output, the value of intermediate input also increased by RM219bil to record RM884.8bil or CAGR of 5.9%.

“This resulted in an added value of RM257.1bil for 2015. During this period, the number of establishments recorded an increase of 9,432 or CAGR of 4.4% and the number of employees in this sector reported a 3.2% increase in CAGR with 2.12 million persons compared to 1.81 million persons in 2010,” it said.

Meanwhile, the department said, the salaries and wages paid in 2015 amounted to RM65.5bil compared to RM43.7bil in 2010.

It said in 2015, 9,546 women-owned establishments in the manufacturing sector accounted for 19.4% of the total establishments in the sector.

For women-owned establishments, the value of gross output and value added recorded were RM16.7bil and RM4.2bil respectively. A total of 86,051 persons were employed with RM2.1bil salaries and wages paid, it said. - Bernama



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