PETALING JAYA: Malaysia’s economy expanded by 3.6% in 2023, registering gross domestic product (GDP) of RM1.6 trillion. According to the Department of...
According to the Department of Statistics Malaysia, the services sector continued to be the driving force of the national economy, contributing 59.2% with growth of 5.1% last year compared with 2022. Within the same period, the manufacturing sector, holding its position as the second largest contributor to GDP, experienced modest growth of 0.7%.
Nevertheless, Selangor, Kuala Lumpur, Johor, Sarawak and Penang remained the primary contributors, collectively contributing 67.7% to Malaysia’s economy. Meanwhile, Kuala Lumpur achieved economic growth of 3.7%, largely impelled by its services sector, which serves as the backbone of the state’s economy. This sector expanded by 4.9%, supported by wholesale & retail trade, food & beverages, and accommodation.
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