How does 2022 MSME GDP growth of 11.6% compare nationally?

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Malaysia's MSMEs Outpaced National GDP Growth in 2022

In 2022, Malaysia's Micro, Small, and Medium Enterprises (MSMEs) achieved a Gross Domestic Product (GDP) growth rate of 11.6 per cent, significantly exceeding the national GDP growth of 8.7 per cent for the same period. This robust performance indicates a strong recovery and expansion within the MSME sector, contributing substantially to the overall economic landscape.
MSME GDP Growth Surpassed National Figures

The Department of Statistics Malaysia reported that MSMEs recorded an 11.6 per cent GDP growth in 2022. This figure stands in contrast to the broader national GDP growth, which was recorded at 8.7 per cent during the same year, highlighting the exceptional performance of smaller and medium-sized enterprises.
Increased Contribution to National GDP

Beyond just growth rate, the contribution of MSMEs to Malaysia's total GDP saw an increase in 2022. Their share rose to 38.4 per cent, up from 37.4 per cent in 2021. The value added by MSMEs also experienced a substantial jump, reaching RM580.4 billion compared to RM520.0 billion in the preceding year.
Positive Outlook for 2023

The momentum observed in 2022 is expected to continue into 2023. The SME Sentiment Index for the first half of 2023 registered a positive reading of 52.9, suggesting that MSMEs are maintaining a healthy overall condition. Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick expressed confidence that MSMEs would perform even better in 2023 compared to the previous year.
Government Commitment to MSME Development

The Malaysian government, through various ministries and agencies, remains committed to empowering MSMEs. Initiatives include internationalisation efforts, attracting investors, and providing financial support such as an additional RM100 million for digitalisation matching grants and RM400 million for micro-loans. Currently, there are 225 MSME development programmes across 12 ministries, 56 agencies, and seven state governments, with a total allocation of RM10.6 billion.

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How does 2022 MSME GDP growth of 11.6% compare nationally?

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