Latest news with #RM263.9
The Sun
10-07-2025
- Business
- The Sun
Selangor's 2024 GDP hits record RM432b
SHAH ALAM: Selangor continued to cement its position as Malaysia's economic powerhouse, recording a historic GDP of RM432.1 billion in 2024, the highest among all states. 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.
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.
The Star
10-07-2025
- Business
- The Star
Selangor hits record-high RM432.1bil GDP in 2024, leading Malaysia's economic growth
Selangor Mentri Besar Datuk Seri Amirudin Shari— KK SHAM/The Star SHAH ALAM: Selangor continues to cement its position as Malaysia's economic powerhouse, achieving an astounding Gross Domestic Product (GDP) of RM432.1 billion in 2024, the highest among all states. Invest Selangor said in a statement that the stellar achievement marks a significant momentum from RM406.1 billion in 2023, making the state as the first ever to cross the RM400 billion threshold for two consecutive years. According to the statement, the outstanding performance reaffirms Selangor's role as the leading contributor to the national economy, accounting for a stellar 26.2 per cent of Malaysia's total GDP, an increase from 25.9 per cent the previous year. "Selangor's economic resilience and upward momentum are further evidenced by a robust year-on-year GDP growth rate of 6.3 per cent, outperforming the national average of 5.1 per cent. "This achievement reflects the state's strong economic fundamentals, sustained investor confidence and strategic efforts by the state to drive high-impact, inclusive and sustainable growth," the statement said. Invest Selangor further noted that last year, the state contributed 32.9 per cent to Malaysia's total manufacturing output as well as being the leading services sector, contributing 26.9 per cent to the nation's overall performance in the sector. "The services sector is the largest contributor to Selangor's GDP, accounting for 61.1 per cent and growing by 6.3 per cent to reach RM263.9 billion. "This growth is supported by subsectors such as wholesale and retail trade, food and beverages, accommodation, utilities, transportation, storage, information and communications as well as finance and insurance services including real estate and business services," the statement noted. The second-largest contributor is the manufacturing sector which accounts for 29.1 per cent and recorded a growth of 5.1 per cent driven by subsectors such as electrical and electronics, vegetable and animal oils, and fats, food processing, beverages and transport equipment. In the same statement, Selangor Menteri Besar Datuk Seri Amirudin Shari said the 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 people. "Together, we have built a thriving ecosystem that not only attracts investment but also creates quality jobs and uplifts communities,' he said. The agency also expressed the state's commitment to champion regional economic leadership through business platforms such as the Selangor International Business Summit (SIBS) 2025, taking place from Oct 8 to 11 at the Kuala Lumpur Convention Centre (KLCC). Invest Selangor chief executive officer Datuk Hassan Azhari Idris said the impressive performance is the result of long-term planning and targeted initiatives to attract quality investments across high-growth industries. "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. - Bernama
New Straits Times
10-07-2025
- Business
- New Straits Times
Selangor hits record RM432.1bil GDP, retains top spot
KUALA LUMPUR: Selangor has strengthened its status as Malaysia's top economic contributor, charting a record-high gross domestic product (GDP) of RM432.1 billion in 2024. Invest Selangor Bhd reported that this is up from RM406.1 billion in 2023, making Selangor the only state to surpass RM400 billion in GDP for two consecutive years. The state's share of the national GDP also rose to 26.2 per cent, compared to 25.9 per cent in the previous year. Selangor's GDP expanded by 6.3 per cent year-on-year, outpacing the national growth rate of 5.1 per cent and reflecting the state's broad-based economic strength underpinned by solid fundamentals and sustained investor interest. Selangor also accounted for 32.9 per cent of Malaysia's total manufacturing output, reaffirming its role as a key industrial hub, while leading the services sector with a 26.9 per cent share of the national total. The services sector remained Selangor's main growth driver, contributing 61.1 per cent to its GDP and expanding by 6.3 per cent to RM263.9 billion. Growth was driven by subsectors such as wholesale and retail trade, food and beverages, accommodation, utilities, transportation and storage, and information and communications, and finance and insurance, as well as real estate and business services. Manufacturing was the second-largest contributor at 29.1 per cent, registering a 5.1 per cent increase. Key drivers included electrical & electronics, vegetable & animal oils and fats, food processing, beverages and transport equipment. Selangor chief minister Datuk Seri Amirudin Shari said Selangor's 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 today. Selangor's diversified economy saw significant contributions from the services, manufacturing, and primary sectors, reinforcing its position as a top-tier investment destination with strong infrastructure and a skilled workforce. Looking ahead, the state aims to maintain its regional economic leadership through business platforms like the Selangor International Business Summit (SIBS) 2025, which will be held from Oct 8 to 11 at the Kuala Lumpur Convention Centre. Now in its ninth edition, SIBS has become one of Southeast Asia's premier trade and investment events, facilitating business interaction and matching, knowledge exchange, and global partnerships. Selangor also remains focused on collaborative, data-driven, and innovation-led strategies to build a resilient, inclusive, and high-performing economy. Invest Selangor's chief executive officer said Selangor's impressive GDP performance is the result of long-term planning and targeted initiatives to attract quality investments across high-growth industries. "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.
