The manufacturing sector has always been crucial to Penang’s development. With 2014 being generally a successful year for the industry, the outlook of this sector this year is interesting as well as important for the state's future.
In 2013, Penang's share of the manufacturing sector to the overall GDP of the state was almost equal to that of the service sector, at 47.8%. Penang shows that its manufacturers have a higher overall share towards its income than the Malaysian average.
Since 2005, Penang’s manufacturing sector has seen constant growth. While the state's income from its industrial sector was about RM39bil in 2005, this increased to almost RM55bil in 2013. The increase from 2012 to 2013 was about 4.6%, near equivalent to the general Malaysian GDP growth in the same year. Furthermore, Penang contributed 13.6% of the Malaysian GDP generated within the manufacturing sector, making it the country’s second most important industrial location outside Selangor.
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