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