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Sinar Daily
10-07-2025
- Business
- Sinar Daily
Selangor hits record GDP of RM432.1 billion in 2024, leading nation's economic growth
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.
Free Malaysia Today
10-07-2025
- Business
- Free Malaysia Today
Selangor records all-time high RM432.1bil GDP in 2024
Selangor contributed to 26.2% of Malaysia's overall GDP last year, up from 25.9% in 2023. PETALING JAYA : Selangor recorded an all-time high gross domestic product (GDP) of RM432.1 billion last year, the highest among all states across the country. Invest Selangor said this was a significant increase from the RM406.1 billion GDP reported in 2023, adding that Selangor remains the only state to cross the RM400 billion mark two years in a row. It added that Selangor contributed to 26.2% of Malaysia's overall GDP last year, up from 25.9% in 2023, Bernama reported. In terms of year-on-year growth, Selangor's stood at 6.3%, outpacing the national average of 5.1%. Invest Selangor said the services sector was the largest contributor to the state's GDP at RM263.9 billion, or 61.1%, with a year-on-year growth rate of 6.3%. 'The second-largest contributor was the manufacturing sector, which accounted for 29.1% of the GDP, driven by subsectors such as electrical and electronics; vegetable and animal oils and fats; food processing; beverages; and transport equipment,' it said. Invest Selangor CEO Hasan Azhari Idris said this GDP performance was the fruit of long-term planning and initiatives aimed at wooing quality investments in high-growth sectors. 'At Invest Selangor, we are focussed on facilitating sustainable, innovation-driven investment while enhancing Selangor's global competitiveness,' he added.
