Penang recorded a growth of 3.3%, increasing its gross domestic product (GDP) to RM116 billion in 2023 from RM112.3 billion in 2022, said the statistics department.

Chief statistician Uzir Mahidin said Penang had demonstrated strong economic performance in 2023, maintaining its position as the 4th highest contributor to the nation’s GDP at 7.4%.

“The state’s economic growth is driven by the services sector, which expanded by 6%, fuelled by tourism-related subsectors such as wholesale and retail trade, food and beverages, and accommodation.

Penang’s GDP per capita stood at RM72,586 in 2023, an increase from RM69,789 in 2022, he said in a statement.

Uzir said according to the Malaysian Investment Development Authority (Mida), the state attracted the highest approved investments in Malaysia at RM71.9 billion (2022: RM16.3 billion) in 2023, comprising RM61.7 billion in foreign investments and RM10.2 billion in domestic investments.

“The second-largest contributor to Penang’s economy, the manufacturing sector received significant investments at RM63.4 billion, including RM60.1 billion in foreign investments and RM3.3 billion in domestic investments.

This investment boost is expected to stimulate the local economy and create numerous new job opportunities, he said.

With sustainable economic growth and encouraging investment performance, Penang’s labour market continues to strengthen, increasing by 3.4% to 926,200 people (2022: 895,600), and the number of persons employed also rose to 905,600 (2022: 871,000).

The Labor Force Participation Rate (LFPR) increased by 1.2 percentage points from 70.1% to 71.3% in 2023.

At the same time, the unemployment rate improved, decreasing to 2.2% from 2.7% the previous year.

Penang also recorded the highest trade value in Malaysia at RM697.7 billion, with exports and imports valued at RM447.4 billion and RM250.3 billion, respectively.

Uzir said Penang’s main exports were integrated electronic circuits, electrical and electronic (E&E) products, piezoelectric crystals and components, making up 63.3% of the state’s total exports.

“Penang’s primary export destinations in 2023 were China (RM79.7 billion), followed by the US (RM76 billion) and Singapore (RM66.7 billion).

The main imported goods were integrated electronic circuits, piezoelectric crystals and components, and other E&E products, with major sources being China, Taiwan, and Singapore, he said.

Uzir noted that in line with the slower national inflation rate in 2023, Penang’s inflation also eased to 2.2% (2022: 3.2%), with the index points at 131.8 (2022: 128.9).

The increase was driven by the food and beverages group (5%), restaurants and hotels (4.2%), health (2.5%), various goods and services (2.2%), and housing, water, electricity, gas, and other fuels (1.7%).

Source: FMT Online

Proposed landed residential development by PPB Properties at Bukit Mertajam. The site is strategically located along Jalan Bukit Tengah, near SJKC Peng Bin. It offers easy access to Jalan Song Ban Kheng and direct connectivity to Jalan Baru, neighboring townships are just a short drive away.

This small development features 12 units of villa homes, within a vicinity that includes upscale developments with semi-detached and bungalow houses.

Project Name : (to be confirmed)
Location : Bukit Mertajam
Property Type : Residential
Tenure: Freehold
Built-up Size: (to be confirmed)
Total Units : 12
Indicative Price : (to be confirmed)
Developer : PPB Properties

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question.

About Mertajam Heights

A residential development in the heart of Bukit Mertajam. Strategically located along Jalan Ciku, immediately opposite Ng Yam Huat food court with an abundance of essential amenities within 2km radius. The development features a 21-storey apartment building that offers a total of 278 residential units and 4 levels of car park. The residential units come in various sizes, ranging from 1,000sq.ft. to 1,498sq.ft. and offer a dual-key option.

*Photo taken end-July 2024

Find out more about Mertajam Heights

International banks like HSBC play a crucial role in supporting Penang’s growth, says Chief Minister Chow Kon Yeow.

Speaking at the HSBC Malaysia Anniversary Dinner to commemorate its 140th anniversary this year, Chow highlighted the bank’s significant contribution to the state’s development.

The event was held at the Penang Marriott Hotel in Gurney Drive.

He further mentioned the importance of HSBC in fostering trade and investment between Penang and the global market.

“At the same time, HSBC is catalysing strategic investments that support the progression of key industries and address the financial needs of consumers while also helping them to manage, protect and grow their wealth.

“Thus, we truly appreciate long-standing investors such as HSBC for their role in facilitating the state’s economic growth, and transformation. This is very much valued,” said Chow in his speech.

Chow also congratulated HSBC Malaysia on its 140th anniversary in the country.

“I would like to extend my warmest congratulations to HSBC for reaching this auspicious milestone.

“We especially take pride in the fact that Penang is HSBC’s birthplace in Malaysia.

“Since establishing its first office in the country here in Penang in 1884 in Beach Street, the bank has had significant success and has made numerous contributions to support the state and the country’s development and its people.

“Thus, we look forward to continuing to work with you to elevate Penang’s economy to greater heights,” said Chow.

Meanwhile, HSBC Malaysia Group manager and chief executive officer Datuk Omar Siddiq said HSBC, with its unparalleled international network, will always play a crucial role in bringing Malaysia to the wider world and the wider world to Malaysia.

“We are also keen to continue to support Penang in attracting investment for key industries to continue to help where we can.

“This also includes supporting numerous businesses in the state, ranging from multinational corporations to small and medium enterprises as well as individual clients,” said Omar.

Source: Buletin Mutiara

Marriott Executive Apartments, part of Marriott Bonvoy’s expansive global portfolio, has announced its grand debut in Penang with the opening of Marriott Executive Apartments Penang. Situated in the esteemed Gurney Drive area, this new development shares its location with the Penang Marriott Hotel and Marriott Residences Penang, combining premium long-stay accommodations with exceptional hotel services.

“We are thrilled to expand our footprint in Malaysia with the opening of Marriott Executive Apartments Penang, a brand entry in the country,” said Ramesh Jackson, Area Vice President, Indonesia & Malaysia, Marriott International. “Our goal is to provide guests with a home away from home, offering the perfect balance of privacy, comfort, and hospitality. It is designed to meet the diverse needs of today’s discerning travelers, whether they are here for business, leisure, or a bit of both.”

A Prime Location for Business and Leisure

Marriott Executive Apartments Penang is ideally positioned along the scenic Gurney coastline, offering stunning views of Gurney Bay and easy access to local attractions. Guests can enjoy upscale shopping at nearby Gurney Plaza and Gurney Paragon Mall, and food lovers will delight in the local cuisine at the famous Gurney Drive Hawker Centre. The UNESCO World Heritage Site of George Town is close by, offering historical sites, vibrant street art, and cultural landmarks. Nature enthusiasts will appreciate the short drive to Penang National Park, Penang Butterfly Farm, and Penang Hill.

Sophisticated Long-Stay Accommodations

The new Marriott Executive Apartments Penang features 90 tastefully designed suites, available in one-bedroom and two-bedroom configurations. Each suite is furnished with a fully functional kitchen, clothes washer and dryer, and a spacious living room. These amenities cater to the needs of business travelers, vacationers, and long-term guests, providing the comforts of home with the benefits of premium hotel services. Guests can also enjoy a 24-hour fitness center, an outdoor infinity pool, and a rejuvenating steam room, ensuring a balanced stay of work and relaxation.

Culinary Delights and Convenience

Guests at Marriott Executive Apartments Penang have direct access to a variety of dining options at the Penang Marriott Hotel. Italian cuisine is highlighted at Kucina, while Sago offers a mix of local and international dishes. For quick bites and energy boosts, Lava Java is the perfect spot, and the Greatroom bar and lounge provides a stylish setting for evening cocktails. La Siena, a versatile multi-function space, features an enticing selection of food and beverages.

Event Spaces for All Occasions

In addition to luxurious accommodations and dining, Marriott Executive Apartments Penang offers access to top-notch event spaces at the Penang Marriott Hotel. These include a grand pillarless ballroom and five flexible function rooms, all equipped with the latest technology to host a variety of events.

“We are excited to introduce the first Marriott Executive Apartments in Malaysia, and bring this new and unique offering to Penang,” said Subash Basrur, the Complex General Manager. “Whether for business or leisure, Marriott Executive Apartments Penang’s curated offerings ensure a harmonious blend of indulgence, relaxation, and invigoration for a promising stay. We look forward to welcoming guests with heartfelt service, culinary delights, and wellness amenities that create lasting memories.”

With long-term rates and Marriott Bonvoy affiliation, the Marriott Executive Apartments Penang promises an unparalleled hospitality experience where every moment is meticulously curated and every stay unforgettable.