By Selangor Journal Team
SHAH ALAM, July 2 — Selangor’s gross domestic product (GDP) grew by a handsome RM103.9 billion since Dato’ Seri Amirudin Shari’s administration assumed office in 2018, marking a 25.59 per cent increase.
The Menteri Besar said this comes after the Statistics Department’s (DOSM) latest GDP by State 2023 report, published today, which showed Selangor’s continued economic dominance in Malaysia.
He said the latest figures are further testament to public and business confidence in the state government.
“This recognition by DOSM proves that the state’s main stakeholders, namely the business community and the people who are the engines of economic growth, have increased confidence in the state administration, which is in alignment with the Federal government,” he said in a statement today.
The DOSM’s report revealed that Selangor remained the country’s biggest GDP contributor at 25.9 per cent, surpassing its previous record of 25.5 per cent in 2022.
Selangor also had the highest economic growth last year, at 5.4 per cent, and was only one of four states to record growth exceeding the national rate of 3.6 per cent.
Amirudin said the 25.9 per cent GDP contribution, equivalent to RM406.1 billion, made Selangor the first state to record annual economic activity surpassing the RM400 billion mark.
“Selangor’s economic size and value are greater even when compared to the combined value of other major states such as Johor, Sarawak, and Penang.
“In terms of GDP growth performance, Selangor’s economy has expanded by RM103.9 billion since 2017, representing an increase of 25.59 per cent since the new administration took over in 2018,” he said.
Providing a breakdown, the Menteri Besar said the services sector remained Selangor’s primary economic contributor at 61 per cent. It grew by 6.1 per cent last year compared to 2022.
The state’s manufacturing sector also expanded by 2.0 per cent, now accounting for 29.4 per cent of the overall economy.
Another sector that saw a significant expansion last year was construction, recording 10.2 per cent growth
However, despite the extremely encouraging DOSM report, Amirudin warned the state administration not to rest on its laurels and to use this success as a motivation to ensure further growth.
“The team must ensure that the state’s economic growth is not only short-term but achieves sustainable development.
“This includes enhancing economic performance at the district level, improving the services of local authorities, finding sustainable solutions to climate change challenges, ensuring efficient infrastructure quality, and rejuvenating mature cities so Selangor is not only advanced but also liveable,” he said.
Only through such an approach can the state continue to instil investors’ confidence that Selangor can remain the premier investment destination in Southeast Asia.
Amirudin also congratulated the entire state administration, investor community, and workers in Selangor for their contributions to the state’s economic performance in 2023.
“This success is not the achievement of any individual but our collective triumph,” he said.
