Business

Tuesday November 10, 2009

GDP data to be released for states


The first-time disclosure will cover figures for 2005-2007

KUALA LUMPUR: The Government will, for the first time this year, disclose gross domestic product (GDP) data for individual states on an annual basis starting with figures for 2005 to 2007.

Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop told a media briefing yesterday following the opening of the RAM Annual Bond Market Conference that this was to ensure that there were more precise measurements as the country made its way to achieving a developed nation status.

GDP data for 2005 and 2006 were made available from yesterday from the Statistics Department’s website while the data for 2007 would be released next month and for 2008, next March. The base year for prices would be 2000.

The GDP data for 2006 showed Penang recorded the highest economic growth of 9.9% followed by Negri Sembilan (8.9%), Kuala Lumpur (8.9%), Malacca (8.4%), Kedah (7.5%), Pahang (6.8%), Trengganu (6.7%) and Perak (6.6%).

In the same year, Selangor, Johor, Sarawak and Penang together with Kuala Lumpur contributed 62.7% to national GDP.

Tan Sri Nor Mohamed Yakcop (left) and RAM Holdings chairman Tan Sri Siti Norma arriving for the RAM Annual Bond Conference.

Sabah and Sarawak led in the agricultural sector while manufacturing was centred in Selangor, Penang and Johor, which together contributed 56.4% of total value-added at national level. Kuala Lumpur and Selangor dominated in the services sector. Nor Mohamed said the data would ensure more efficient allocation of resources for development.

“We can optimise resources from federal allocations together with the natural resources of individual states for development purposes,” he added.

Nor Mohamed said the key findings of the data from 2005 and 2006 compared with 1970 showed a transformation of the economy from largely agrarian to one dominated by services and manufacturing with the individual states’ economy having diversified.

On another note, RAM Holdings Bhd executive deputy chairman and group chief executive officer Tan Sri C Rajandram said defaults in the bond market had been substantially lower than expected at 1.8% to 2% this year despite the economic recession.

He said RM40bil to RM45bil worth of bonds would be placed out this year.

Meanwhile RAM Holdings deputy group chief executive officer Wong Fook-Wah said total corporate debt to be raised next year could possibly reach pre-global financial crisis levels of over RM60bil next year.

“We expect around RM50bil to over RM60bil of bonds to be raised next year,” he said.

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