Malaysia’s economic landscape in 2024 demonstrated an encouraging upward trend, with the Gross Domestic Product (GDP) expanding by a robust 5.1 percent to reach RM1.65 trillion. According to the Department of Statistics, this marks a significant acceleration from the 3.5 percent growth recorded in 2023, primarily propelled by strong performances in the Services and Manufacturing sectors. DOSM said these two sectors contributed a cumulative 82.5 percent to the national GDP value.
State Economic Performance Highlights:
For the first time, Johor led all states with the highest economic growth rate of 6.4 percent, reaching a GDP value of RM158.0 billion. Its robust performance was fueled by strong growth across Services (6.0%), Manufacturing (4.2%), and an exceptional surge in Construction (42.7%). The Agriculture sector also recovered significantly (4.2%).
Selangor remained the primary contributor to the national economy, growing by 6.3 percent to RM432.1 billion, driven by its Services (6.3%) and Manufacturing (5.1%) sectors. W.P. Kuala Lumpur, the second-highest contributor nationally, grew by 6.2 percent to RM265.8 billion, with strong performances in Services (5.5%), Construction (21.1%), and Manufacturing (4.3%).
Other states also showed notable growth:
- Pahang recorded a 5.7 percent growth, surpassing the national average.
- W.P. Labuan saw its GDP strengthen by 5.4 percent.
- Melaka and Perak both increased by 4.4 percent.
- Negeri Sembilan grew by 4.6 percent, and Terengganu by 4.5 percent.
- Penang posted an increase of 4.8 percent, driven by the recovery in its Manufacturing sector, especially Electrical, electronic & optical products.
- Sarawak’s economy grew by 3.9 percent, recovering across most sectors.
In terms of prosperity, five states recorded a GDP per capita value exceeding the national average of RM56,734: W.P. Kuala Lumpur (RM136,365), W.P. Labuan (RM87,003), Pulau Pinang (RM76,033), Sarawak (RM73,426), and Selangor (RM65,907).
