Bernama – Malaysia becomes first ASEAN country to develop sports satellite account

PUTRAJAYA, May 31 (Bernama) — Minister for Youth and Sports Hannah Yeoh today launched the Sports Satellite Account at the Ministry of Youth and Sports Tower (KBS), an initiative led by the ministry in collaboration with the Department of Statistics Malaysia (DOSM) through the Sports Industry Secretariat, making Malaysia the first ASEAN country to launch the initiative.

He said the accounting aims to prepare an accounting system that utilises the 73 Malaysian Standard Industrial Codes (MSICs) to provide a more detailed and comprehensive picture of the economy beyond macroeconomic indicators.

“We are one of the first Southeast Asian countries to really get into this and we are very excited about the possibilities that will emerge for the sports industry.

“Without data, it is difficult to get adequate budgets as sports is seen as just entertainment, but we are an industry. Detailed data on sports training and coaching will help increase the industry workforce,” she told reporters after the launch, which was also attended by KBS director general Dr Nagrendran Kangayattakaras and chief statistician Dr Mohammed Uzir Mahiddin.

The account will produce comprehensive, complete and integrated statistics and data on the sports industry, track the contribution and revenue of the sports industry, especially to the national economy, and serve as a reference for policymakers as well as provide verifiable information and data on the local sports industry to stakeholders, especially, she added.

Hanna also urged the sports industry to refer to the initial reports of the 2022 Sports Satellite Accounts for this year and the coming years, which will be produced free of charge on the websites of DOSM, KBS and the National Youth and Sports Bureau, to see the true value of the sports industry and its contribution to national economic development.

She noted that the account would provide additional confidence to industry stakeholders.

“But the most pressing issue for me is to increase the budget for KBS because I don’t want KBS to be seen as a ministry that only does sports and youth activities.”

“We also don’t want to be seen as a ministry that just spends money that doesn’t generate revenue for the government. We believe this data will be a game changer for the sports industry sector,” she said.

The first report for 2022 showed that the sports industry’s total value added grew 12.1% in 2022, up from 1.9% the previous year, to a total of RM19.6 billion, or 1.34% of gross domestic product (GDP) in 2022.

— Bernama

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