KUALA LUMPUR (July 10): Selangor achieved a record high gross domestic product (GDP) of RM432.1 billion for 2024, up 6% from a year earlier, according to Invest Selangor Bhd, the state's investment promotion agency.
Selangor remains the leading contributor to the national economy, accounting for 26.2% of Malaysia’s total GDP, up from 25.9% a year ago.
Further, the state contributed 33% to the nation's manufacturing output, and 26.9% of the services sector, the agency said in a statement on Thursday.
The state’s GDP growth also outpaced the national average. Invest Selangor attributed this to solid economic fundamentals, sustained investor confidence and strategic initiatives aimed at fostering impactful, inclusive and sustainable growth.
The services sector continued to be the main pillar of Selangor’s economy, making up 61.1% or RM263.9 billion of its GDP.
This was driven by wholesale and retail trade, food and beverage, accommodation, utilities, transport and storage, ICT, finance, insurance, real estate and business services.
Manufacturing was the second-largest contributor at 29.1%, supported by industries such as electrical and electronic products, cooking oils, food processing, beverages and transport equipment.
Menteri Besar Datuk Seri Amirudin Shari said,“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.”
Looking ahead, Invest Selangor would continue strengthening its position as a regional economic leader through platforms like the Selangor International Business Summit (SIBS) 2025, to be held from Oct 8 to 11 at KLCC, read the statement.
Datuk Hasan Azhari Idris, chief executive officer of Invest Selangor , noted that Selangor’s strong GDP figures reflect long-term planning and focused efforts to draw high-quality investments.
He added that Invest Selangor would keep prioritising sustainable, innovative investments to boost global competitiveness.
As Selangor moves forward, it stays committed to collaborative, data-driven strategies to build a resilient, inclusive and high-performing economy.