Four states outperformed the country’s GDP growth in 2022
27 Jun 2023
Four states outperformed the country’s gross domestic product (GDP) growth surpassing the national average in 2022, according to the Department of Statistics Malaysia (DOSM).
DOSM said in a statement 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, contributing significantly to the country’s overall progress. Malaysia’s GDP grew to 8.7 per cent in 2022.
“Pulau Pinang 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.
Meanwhile, DOSM said growth in Selangor, Pahang and Kuala Lumpur were driven by the services sector, which experienced rapid growth in the tourism-related subsector, including the wholesale & retail trade, food & beverage and accommodation.
It said Selangor continued to uphold its position as 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 2021.
Five states exceeded the national GDP per capita, which were Kuala Lumpur (RM127,199), Labuan (RM85,560), Sarawak (RM80,857), Pulau Pinang (RM69,684) and Selangor (RM59,908), it said.
On prospect, DOSM said the Malaysian economic outlook in 2023 is projected to experience moderate growth, given the prevailing uncertainties in the global economic landscape.
It said the leading index for April 2023 projected the economic performance to grow gradually in the coming months, attributable to a downturn in all index components.
“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,” it added.