PETALING JAYA: Malaysia’s economic standing appears strong with all its states registering positive growth rates in 2022 despite global uncertainties, the statistics department (DoSM) reported today.
The national gross domestic product (GDP) grew 8.7% in 2022, compared to 3.3% in the previous year. Value-added in 2022 amounted to RM1.5 trillion, surpassing the pre-pandemic value of RM1.4 trillion in 2019.
Four states recorded growth levels above the national average, namely Penang (13.1%), Selangor (11.9%), Pahang (10.8%) and Kuala Lumpur (9.2%).
Despite global economic uncertainties, geopolitical conflicts, and supply chain disruptions, DoSM said Malaysia remains on track for positive growth across all sectors compared to 2021.
The reopening of international borders in April 2022, said the department, had accelerated recovery in all economic sectors, particularly tourism.
“The services sector, which dominated the national economy, strengthened by 10.9% from 2021, followed by the manufacturing sector, which rose by 8.1%,” the report stated.
Agriculture recovered by 0.1% during the same period, while the mining and quarrying sector, and the construction sector grew by 2.6% and 5% respectively.
DoSM concluded that Malaysia is projected to experience moderate growth in 2023, given the prevailing uncertainties in the global economic landscape.
“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 a slow growth of 5.6% compared to 7.1% in the previous quarter,” said DoSM.
Source: https://www.freemalaysiatoday.com/category/business/2023/06/27/positive-growth-recorded-in-all-states-in-2022/