KUALA LUMPUR, Nov 10 — The Volume Index of Services has improved by 24.3 per cent in in the third quarter of 2020 (Q3 2020) to 123.3 points from 99.2 points in Q2 2020.
Chief statistician Malaysia Datuk Seri Mohd Uzir Mahidin attributed the positive quarter-on-quarter (q-o-q) performance to the growth in the wholesale and retail trade, food and beverages and accommodation segment which rose to 31.0 per cent, as well as in the other services segment which increased to 38.6 per cent.
The Volume Index of Services consists of four segments, namely wholesale and retail trade, food and beverages and accommodation; business services and finance; information, communication, transportation and storage segment; and other services.
In a statement today, Mohd Uzir said overall, all sub-sectors experienced a positive q-o-q growth.
“The seasonally adjusted volume index of this sector also rebounded 22.9 per cent to 122.7 points as compared to the previous quarter,” he said.
He attributed the increase to the 30.7 per cent rise in the wholesale and retail trade, food and beverages and accommodation segment; as well as the 35.4 per cent growth in the other services segment.
“This scenario indicates the early signs of the recovery phase following the gradual re-opening of the economic sectors starting May 4, 2020, after being severely impacted by the Covid-19 pandemic.
“However, the Index of Services in Q3 2020 was still 3.6 per cent lower than Q1 2020, before the spread of the pandemic,” he added. — Bernama
