PETALING JAYA: Penang has outperformed the country’s gross domestic product (GDP) growth, followed by Selangor, Pahang and Kuala Lumpur surpassing the national average in 2022, according to the Department of Statistics Malaysia (DOSM).
In a statement, DOSM said that Penang (13.1 per cent), Selangor (11.9 per cent), Pahang (10.8 per cent) and Kuala Lumpur (9.2 per cent) all outperformed the national growth rate in 2022.
This has ultimately resulted in all four states contributing significantly to the nation’s overall progress.
“Penang achieved impressive growth, ignited by its key economic driver, the manufacturing sector, which accelerated by 15.9 per cent (2021: 12.4 per cent).
“This was backed by electrical, electronic and optical products following increased global demand for semiconductors,“ the report said.
The country’s GDP grew to 8.7 per cent in 2022.
In Selangor, Pahang and Kuala Lumpur, growth was driven by the services sector, which saw a fast growth in the tourism-related subsector, including the wholesale & retail trade, food & beverage and accommodation.
Selangor, however, upholds its position as the state with the largest economy, with the manufacturing sector also strengthening by 9.0 per cent.
“This is supported by electrical, electronic and optical products (13.6 per cent) as well as transportation equipment, other manufacturing and repair (16.6 per cent),“ it said.
In terms of GDP per capita, DOSM reported that all states recorded improved performance compared with its progress in 2021.
On a good note, five states were reported to have extended the national GDP per capita, they are: Kuala Lumpur (RM127,199), Labuan (RM85,560), Sarawak (RM80,857), Penang (RM69,684) and Selangor (RM59,908), it said.
The report further stated the economic outlook this year is projected to experience moderate growth, due to the prevailing uncertainties in the global economic landscape.
“This is observed in the GDP of the first quarter of 2023, indicating slow growth of 5.6 per cent compared with 7.1 per cent in the previous quarter.
“Despite facing an uncertain economic climate, the labour market, in contrast, continues to strengthen. The labour force participation rate in the first quarter of 2023 increased to 69.8 per cent, compared to 69.5 per cent in the fourth quarter of 2022.
“Similarly, the unemployment rate dropped to 3.5 per cent in the first quarter of 2023 compared to 3.6 per cent in the previous quarter,“ the report stated.