THE manufacturing and services sectors remain the two biggest contributors to Penang’s gross domestic product (GDP) for the year 2022.
The state’s GDP, amounting to RM112.1 billion in 2022, grew by 13.1% in 2022 as compared to 6.9% the year before. Penang’s GDP growth exceeded the national GDP growth of 8.7%.
Chief Minister Chow Kon Yeow said the manufacturing sector contributed 48.3% of the total GDP of the state, while the services sector contributed 46.7%.
“The manufacturing sector experienced a double-digit growth of 15.9%, whereas the services sector recorded an 11.3% growth (as compared to 2.1% growth in 2021).
“Other sectors which also contributed significantly to Penang’s GDP in 2022 include the construction sector, agricultural sector, and the mining and quarry sectors.
“Overall, the state’s economy contributed 7.4% to the nation’s economy. Penang’s contribution increased by 0.3% compared to the year before,” Chow replied to an oral question by Lee Boon Heng (PH – Kebun Bunga) during the Penang Legislative Assembly session today.
Replying to a supplementary question by Lee, Chow said the state would not rest on its laurels after transforming itself in the past 50 years of industrialisation.
“We have the competitive edge over other locations. Nevertheless, we must strive to maintain excellence and not be complacent.
“Human capital development holds paramount importance, as the realisation of investments becomes unattainable in the absence of adequate focus on cultivating human capital,” Chow said.
Story by Christopher Tan