Selangor hits record GDP of RM432.1 billion in 2024, leading nation's economic growth

Sinar Daily

10-07-2025

SHAH ALAM - Selangor has proven itself to be Malaysia's economic engine, achieving an all-time high Gross Domestic Product (GDP) of RM432.1 billion in 2024, the highest among all states.
This milestone marks a substantial increase from RM406.1 billion in 2023, making Selangor the first and only state to surpass the RM400 billion mark for two consecutive years.
The latest figures solidify Selangor's role as the country's top economic contributor, responsible for 26.2 per cent of Malaysia's total GDP, up from 25.9 per cent the year before.
The latest figures solidify Selangor's role as the country's top economic contributor, responsible for 26.2 per cent of Malaysia's total GDP, up from 25.9 per cent the year before.
Selangor's strong performance is backed by a solid year-on-year GDP growth of 6.3 per cent, outpacing the national average of 5.1 per cent.
The services sector remains the largest contributor to Selangor's economy, accounting for 61.1 per cent of the state's GDP.
This growth is attributed to its diversified economy, consistent investor confidence and strategic development initiatives that promote inclusive and sustainable growth.
The state continues to lead Malaysia's industrial and services sectors, contributing 32.9 per cent to the national manufacturing output and 26.9 per cent to the services sector.
The services sector remains the largest contributor to Selangor's economy, accounting for 61.1 per cent of the state's GDP.
The manufacturing sector is the second-largest contributor, making up 29.1 per cent of Selangor's GDP.
It grew by 6.3 per cent to RM263.9 billion, driven by key areas such as wholesale and retail trade, food and beverage services, accommodation, utilities, transport and storage, ICT, finance and insurance, real estate and business services.
The manufacturing sector is the second-largest contributor, making up 29.1 per cent of Selangor's GDP.
It recorded a 5.1 per cent growth, boosted by industries such as electrical and electronics, food and beverage production, processing of vegetable and animal oils and fats and transport equipment manufacturing.
Selangor Menteri Besar Datuk Seri Amirudin Shari said the economic progress reflects the joint efforts of all stakeholders from government and private sectors to civil society and the people.
"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," he said in a statement.
This growth is attributed to its diversified economy, consistent investor confidence and strategic development initiatives that promote inclusive and sustainable growth.
Meanwhile, Invest Selangor Berhad Chief Executive Officer (CEO) Datuk Hasan Azhari Idris said Selangor's stellar GDP performance is the result of long-term vision and targeted efforts to attract high-value investments in fast-growing sectors.
"Selangor's impressive GDP performance is the result of long-term planning and targeted initiatives to attract quality investments across high-growth industries,' said Dato' Hasan Azhari Idris, Chief Executive Officer of Invest Selangor Berhad.
'At Invest Selangor, we are focused on facilitating sustainable, innovation-driven investment while enhancing Selangor's global competitiveness. This October, SIBS 2025 will once again serve as a powerful platform to showcase Selangor's economic strengths and connect investors with real opportunities," he said.
Looking ahead, the state is set to further its regional leadership through platforms like the Selangor International Business Summit (SIBS) 2025, which will be held from Oct 8 to Oct 11 at the Kuala Lumpur Convention Centre.
Now in its ninth year, SIBS is one of Southeast Asia's leading trade and investment events, aimed at fostering global partnerships and business engagement.