GEORGE TOWN: Penang's economy grew by 13.1 per cent last year compared with 6.9 per cent in 2021, signalling economic recovery post Covid-19 pandemic.
Chief Minister Chow Kon Yeow said, based on statistics, the gross domestic product (GDP) value for last year was RM112.1 billion compared with RM99 billion in 2021.
"Penang's economic growth surpasses that of the national growth at 8.7 per cent," he said when responding to a question by Lee Boon Heng (PKR - Kebun Bunga) on the state's economic growth at the state legislative assembly sitting here today.
Chow said among the industries which contributed to the state's GDP were manufacturing, services, construction, agriculture and mining and quarrying.
He said the manufacturing sector was the highest contributor last year with 46.3 per cent, maintaining a double digit growth of 15.9 per cent. In 2021, the manufacturing sector contributed 47.3 per cent with growth of 12.4 per cent.
"This is supported by the electrical, electronic and optical products."The services sector contributed 46.7 per cent last year, construction (7.9 per cent), agriculture (3.4 per cent) and mining and quarrying (7.9 per cent).
"Overall, Penang's economy contributed 7.4 per cent to Malaysia's economy. "This is a 0.3 per cent increase compared with the previous year, retaining the fifth spot in the national economy," he added.
Chow said the state government continuously strived to implement economic recovery after the pandemic by focusing on initiatives in line with the Penang 2030 Vision. "We are grateful to have 50 years of industrial experience but will not be complacent with the fact.
"We will continue to put in place strategies to strengthen our position," he said.