Penang’s Key Economic Indicators
By Azmil Akil
January 2023 STATISTICS
Gross Domestic Product (GDP)Labour ForceInflationPenang’s inflation is mainly attributable to Food & Non-Alcoholic Beverages (7.6%), Restaurants & Hotels (7.6%) and Transport (5.3%). Key factors contributing to this situation include an increase in demand for goods and services post-pandemic and an increase in the cost of production, which may be partly due to shortages of raw materials and increase in minimum wage.External TradePenang’s exports increased by 14% in 2021. That year, the increase in imports into this state was significant as...
Azmil Akil
is a Project Researcher at Penang Institute. He holds a Master of Economics from Universiti Malaysia Sabah.
