By Selangor Journal Team
SHAH ALAM, July 2 — Selangor continues to be the main contributor to the national economy, pushing 25.9 per cent — its highest contribution yet — to Malaysia’s gross domestic product (GDP) in 2023.
The figure is an increase compared to 25.5 per cent recorded in 2022.
This is according to the latest data from the Statistics Department (DOSM) in its Gross Domestic Product by State 2023 report, which showed the nation’s GDP reached RM1.568 trillion last year.
The report released today also revealed Selangor was among four states to record growth exceeding the national rate of 3.6 per cent.
It said Selangor’s economy expanded by 5.4 per cent, the highest among all states, followed by Pahang (5.2 per cent), Johor (4.1 per cent) and Kuala Lumpur (3.7 per cent).
Selangor, Kuala Lumpur, Johor, Sarawak and Penang remained the five states with the largest GDP contributions, with a combined RM1.062 trillion, representing over two-thirds of the overall figure.
The services sector stayed the largest contributor to the national economy, accounting for 59.2 per cent of the 2023 GDP and recording a 5.1 per cent increase from 2022.
The manufacturing sector, the second-largest contributor at 23.4 per cent, showed marginal growth of 0.7 per cent.
Other sectors, including agriculture and mining and quarrying, experienced modest growth of 0.7 per cent and 0.5 per cent, respectively.
The construction sector, however, demonstrated significant momentum, expanding by 6.1 per cent.
Selangor’s economy was largely bolstered by strong performances in the services and manufacturing sectors.
According to DOSM’s report, the state’s services sector grew by 6.1 per cent last year, driven by substantial gains in utilities, transportation and storage, and information and communication.
Meanwhile, the manufacturing sector saw a 2 per cent increase, propelled by the production of transport equipment, other manufacturing and repair, as well as food processing and the production of animal and vegetable oils and fats.
The DOSM also projected a positive economic prospect for Malaysia in 2024, supported by strong indicators such as consumer confidence, industrial production and export flows.
This is evident in the growth of the economy in the first quarter of 2024, with a 4.2 per cent increase, from 2.9 per cent the previous quarter.
The unemployment rate remained steady at 3.3 per cent, consistent with the previous quarter, while the labour participation rate stood at 70.2 per cent in the first quarter of this year compared to 70.1 per cent in the last quarter of 2023.
