Chief Statistician Mohd Uzir Mahidin remains optimistic, however, that the nation will be able to achieve its goal in a few years’ time, as the sector currently contributes 56% of the  GDP.

“The service sector is the dominant sector compared to the farming, manufacturing, construction and mining sectors.

“What we want is to reach 60% (contribution to GDP). There might be a shortfall now from the target we want to achieve,” he told a press conference after presenting the preliminary report on the 2019 wholesale and retail trade census.

Uzir said the wholesale and retail trade sector has generated an increased revenue of RM1,321.7 billion, with an 8.2% annual growth rate, from RM893.2 billion in 2013.

This sector contributes 16% of the GDP, he said, adding that it is an indicator the country is progressing as its economy is developing well.

He said the increase in usage of computers and the internet in the wholesale and retail trade sector is also an indication that the nation is on track to becoming a developed nation.

Uzir said the increase in household consumption expenditure signifies that the nation is developing, using the example of how a family would spend more on leisurely activities now compared to the 1970s.

He said the number of wholesale and retail establishments has increased from 370,725 in 2013 to 468,930 in 2018, showing an annual growth rate of 4.8%.

This also means new job opportunities will be created as more businesses are established annually, he said.

The census, conducted every five years, was the eighth on the sector, with the last one conducted in 2014.

“The report can be used to measure competitiveness of industry players in the wholesale and retail sector in doing business in Malaysia.

“In addition, it will assist the government in formulating relevant policies in line with the 2030 Shared Prosperity Vision,” he said.