Selangor's 2024 GDP hits record RM432b
This milestone marks a significant leap from RM406.1 billion in 2023, making Selangor the first and only state to cross the RM400 billion threshold for the two-year running.
This performance reaffirms Selangor's role as the leading contributor to the national economy, accounting for a stellar 26.2% of Malaysia's total GDP, an increase from 25.9% in the previous year.
Selangor's economic resilience and upward momentum are further evidenced by a robust y-o-y GDP growth rate of 6.3%, outperforming the national average of 5.1%.
In a statement, Invest Selangor said that this achievement reflects Selangor's strong economic fundamentals, sustained investor confidence and strategic efforts by the state to drive high-impact, inclusive and sustainable growth.
It added Selangor continues to chart the way forward, contributing an impressive 32.9% to Malaysia's total manufacturing output and reaffirming its position as the nation's leading industrial powerhouse. Selangor also leads in the services sector, contributing 26.9% to Malaysia's overall performance in this segment.
The services sector is the largest contributor to Selangor's GDP, accounting for 61.1% and growing by 6.3% to reach RM263.9 billion. This growth is supported by subsectors such as wholesale and retail trade, F&B and accommodation, utilities, transportation & storage and information & communications, finance and insurance services, real estate and business services.
The second-largest contributor is the manufacturing sector which accounts for 29.1% and recorded a growth of 5.1% driven by subsectors such as electrical & electronics, vegetable & animal oils and fats, food processing, beverages and transport equipment.
'Our continued progress is a reflection of the collective commitment and hard work of all stakeholders from the public and private sectors to civil society and the rakyat. Together, we have built a thriving ecosystem that not only attracts investment, but also creates quality jobs and uplifts communities,' said Selangor Menteri Besar, Datuk Seri Amirudin Shari.
The state's diverse economy saw significant contributions from the services, manufacturing, and primary sectors, further strengthening its appeal as an attractive top tier investment destination with future-ready infrastructure and a highly skilled workforce.
Looking ahead, Selangor will continue to champion regional economic leadership through business platforms such as the Selangor International Business Summit 2025 (SIBS), taking place from Oct 8-11 at the Kuala Lumpur Convention Centre.
Now in its 9th edition, SIBS has become one of Southeast Asia's premier trade and investment events, fostering business interaction and matching, knowledge exchange and global partnerships.
'Selangor's impressive GDP performance is the result of long-term planning and targeted initiatives to attract quality investments across high-growth industries,' said Invest Selangor Bhd CEO Datuk Hasan Azhari Idris.
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