SME contribution to GDP down 7.3% in 2020

Chief statistician Datuk Seri Mohd Uzir Mahidin (pic) said this was the first time the SME performance was lower than Malaysia’s GDP and non-SME GDP since 2004.

PETALING JAYA: Malaysia’s small and medium enterprises’ (SMEs) contribution to the gross domestic product (GDP) contracted by 7.3% in 2020, according to the Statistics Department.

It said the contraction was higher than the decline in Malaysia’s GDP and non-SME GDP, which registered -5.6% and -4.6%, respectively, mainly due to the health crisis caused by the Covid-19 pandemic in 2020.