Volume Index Of Services Experienced Robust Growth Of 6.7% In Q2 2024 - DOSM

The Volume Index of Services experienced a robust 6.7% growth in the second quarter (Q2) of 2024, recording 152.2 points, according to Volume Index of Services, Second Quarter 2024, released by the Department of Statistics Malaysia (DOSM).

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin in a statement said the performance of the Volume Index of Services for Q2 2024 was attributed to the growth in the business services and finance segment which experienced a 10.4% increase to reach 144.7 points, followed by wholesale & retail trade, food & beverage and accommodation segment which registered a growth of 5.1% to reach 152.6 points.

“In the same period, the information & communication and transportation & storage segment rose 6.0% to stand at 167.8 points, while other services segment grew 7.4%,” he said.

For quarter-on-quarter comparison, he said the Volume Index of Services had a 1.2% increase in Q2 2024, supported by the increase in wholesale & retail trade, food & beverage and accommodation segment, followed by information & communication and transportation & storage segment (1.8%), and other services segment (0.9%）.

However, the business services and finance segment decreased -0.1%, he said.

Mohd Uzir said that the seasonally adjusted volume index increased by 3.9% compared to Q1 2024, resulted by the increase in wholesale & retail trade, food & beverage and accommodation segment (4.9%);  business services and finance segment (3.3%); information & communication and transportation & storage segment (1.9%), and other services segment (5.7%).