Selangor has once again demonstrated its position as Malaysia’s economic powerhouse by recording a gross domestic product (GDP) of RM432.1 billion in 2024, an increase from RM406.1 billion in 2023. This achievement marks the second consecutive year the state has exceeded the RM400 billion GDP threshold, solidifying its leadership in national economic performance.
According to a statement by Invest Selangor Berhad, the state’s economic output accounted for 26.2% of Malaysia’s total GDP in 2024, rising from 25.9% the previous year. As the state government’s one-stop agency for investment promotion, Invest Selangor plays a key role in driving strategic economic initiatives and industrial development.
Selangor also posted a GDP growth rate of 6.3%, outpacing the national average of 5.1%. The state contributed 32.9% to the country’s total manufacturing output and led the services sector with a 26.9% share of national performance in the segment.
The services sector remained Selangor’s primary growth engine, contributing 61.1% to the state’s GDP, equivalent to RM263.9 billion, with a year-on-year growth of 6.3%. This expansion was underpinned by strong performance in wholesale and retail trade, food and beverage services, accommodation, utilities, transport and storage, information and communications, finance and insurance, real estate and business services.
Manufacturing was the second-largest contributor, representing 29.1% of the state’s GDP and registering a 5.1% increase. This was driven by key sub-sectors such as electrical and electronics, food processing, vegetable and animal oils and fats, beverages and transport equipment.
Selangor Menteri Besar Datuk Seri Amirudin Shari attributed the sustained economic momentum to the collective commitment across public and private sectors, civil society, and the wider community. He noted that the integration of modern infrastructure, a skilled talent pool and strong investor confidence continue to position Selangor as a premier investment destination.
“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 Amirudin.
Invest Selangor chief executive officer Datuk Hasan Azhari Idris reaffirmed the agency’s focus on strengthening regional economic leadership. He highlighted the upcoming Selangor International Business Summit (SIBS) 2025 as a key platform to facilitate trade, investment, and global business connectivity across Southeast Asia.
-The Star
