PETALING JAYA: Selangor has registered a record high gross domestic product (GDP) of RM432.1bil in 2024, higher than the RM406.1bil in 2023.
This places Selangor as the only state to cross the RM400bil mark threshold for two years in a row.
In a statement released by Invest Selangor Bhd, it noted that the state was the leading contributor to the nation’s economy, accounting for 26.2% for Malaysia’s GDP, an increase from 25.9% in the previous year.
Invest Selangor acts as the state’s one-stop investment promotion agency.
The agency also said Selangor saw a GDP growth rate of 6.3%, outperforming the national average of 5.1%.
The state contributed 32.9% to Malaysia’s total manufacturing output, while it also led in the services sector, contributing 26.9% to Malaysia’s overall performance in this segment.
The services sector contributed the highest to the state’s GDP at 61.1%, growing 6.3% to hit RM263.9bil.
“This growth is supported by sub-sectors such as wholesale and retail trade, food and beverages and accommodation, utilities, transportation and storage and information and communications, finance and insurance services, real estate and business services,” the statement said.
The second-largest contributor was the manufacturing industry, accounting for 29.1% and recording a growth of 5.1%, driven by sub-sectors such as electrical and electronics, vegetable and animal oils and fats, food processing, beverages and transport equipment.
Selangor Mentri Besar Datuk Seri Amirudin Shari said contributions from all these sectors had further strengthened the state’s appeal as an attractive top-tier investment destination with future-ready infrastructure and a highly skilled workforce.
“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.
Meanwhile, Invest Selangor chief executive officer Datuk Hasan Azhari Idris said the state will continue to champion regional economic leadership through business platforms such as the Selangor International Business Summit or SIBS 2025.
This event is one of South-East Asia’s premier trade and investment events, fostering business interaction and matching, knowledge exchange and global partnerships.
