How did Selangor drive its economic growth in 2023?

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Selangor's Economic Growth Drivers in 2023

Selangor's economic expansion in 2023 was primarily propelled by robust performance in its services and manufacturing sectors. The services sector experienced a notable 6.1 per cent growth, significantly boosted by strong contributions from the utilities, transport and storage, and information and communication subsectors. This overall growth in services helped to offset declines seen in other areas, contributing substantially to Selangor's position as the leading state in economic development.
Services Sector Momentum

The services sector in Selangor achieved a 6.1 per cent expansion in 2023, marking it as a key engine for the state's economic engine. This growth was particularly evident in utilities, transport and storage, and information and communication, indicating increased activity and demand within these critical service areas. This strong performance in services was a crucial factor in Selangor surpassing the national growth rate.
Manufacturing Sector Contributions

Selangor's manufacturing sector also demonstrated positive growth, recording a 2 per cent expansion for the year. This increase was largely attributed to specific subsectors, including a 6.2 per cent growth in transport equipment, other manufacturing, and repair services. Furthermore, the vegetable and animal oils and fats, and food processing subsector saw a significant 10.3 per cent expansion, underscoring its growing importance to the state's industrial output.
Overall Economic Standing

In 2023, Selangor led the nation in economic growth, contributing 25.9 per cent to Malaysia's gross domestic product (GDP). The state's economy grew by 5.4 per cent, exceeding the national average growth rate. This leading position highlights Selangor's significant role in the national economic landscape, with its diverse economic drivers underpinning its success.

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How did Selangor drive its economic growth in 2023?

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