Sarawak’s gross domestic product (GDP) increased by 6.5 per cent in 2022, with an economic value of RM140.2 billion, despite the global economic uncertainty in the post-COVID-19 era.
With the return of domestic and international tourism, the services sector expanded by 9.6 per cent, led by utilities, transport, wholesale and retail trade, accommodation, and food and beverage subsectors.
The manufacturing sector rose by 5.6 per cent driven by petroleum, chemical, rubber, and plastics products, while the mining and quarrying sector expanded by 5.7 per cent following increases in natural gas production.
The agriculture sector increased by 0.7 per cent, supported by the crop subsector (oil palm).
Sarawak remains an attractive place for investment, as it recorded RM32 billion in investments last year while creating more than 5,000 jobs.
According to International Trade, Industry, and Investment Minister Datuk Amar Awang Tengah Ali Hasan, the primary sector received RM22.3 billion in investments, manufacturing got RM5.2 billion, and services obtained RM4.5 billion.
For manufacturing-related investments from 2022 until the first quarter of 2023, Sarawak has approved RM9.6 billion for 87 projects.
The total trade last year increased by 43.9 per cent to RM217.2 billion from RM150.9 billion in 2021. This resulted in a trade surplus of RM88.2 billion, compared with RM52.7 billion in 2021.
The top trading partners for Sarawak in 2022 were Japan, China, Peninsular Malaysia, South Korea, India, Australia, and Singapore.
Last year, Sarawak registered RM12 billion in state revenue, which was the highest among states in Malaysia and also the highest revenue performance ever achieved by the state.
Tax revenue had contributed RM6.7 billion, or 56 per cent, while the rest came from non-tax revenue, non-revenue receipts, and federal grants and reimbursements.
The state sales tax (SST) contributed RM5.6 million to the state’s revenue due to higher market prices in 2022 for oil and gas products and oil palm products.
Recently, the World Bank’s latest data revealed that Sarawak has achieved high-income state status as it has a gross national income (GNI) per capita of more than US$13,205 (RM61,442).
Although this came as a ‘nice surprise’, Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the statistical economic data gave an indicator that Sarawak is developing well.
He said the Sarawak government is focusing on distributing the state’s wealth to benefit the people through its post-COVID-19 development strategy as well as increasing the household income to RM16,000 per month by 2030.
Sarawak is optimistic about achieving another record-breaking revenue this year after the state’s revenue for the first quarter of the year reached RM5 billion.
