Malaysian economy expands 3.6% in 2023, GDP reaches RM1.6 trillion

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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