Penang’s economy in 2015: Growth continues, but more slowly

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Penang’s GDP has been growing over the last five years. Following the recent release of data on Malaysia’s GDP growth for 2014 by Bank Negara Malaysia, the state GDP has improved to 5.9%, posting a 0.2 percentage point higher than that of the previous projection made in January 2015 (Figure 1)1. In view of the adjustment made for Malaysia’s 2015 GDP growth projection, the 2015 state GDP is also altered. The state GDP growth is expected to slow down by one percentage point to 4.9% in 2015. This is a drop of 0.5 percentage points from the previous forecast made by Penang Institute.


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