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States perform well to boost national economy

States perform well to boost national economy

by Reporter 0 comments

Steven Cross

Almost every state across Australia experienced economic growth throughout 2012, according to new Australian Bureau of Statistics (ABS) data.

Western Australia experienced the strongest growth with a 6.7 per cent increase in Gross State Product (GSP), almost doubling the national Gross Domestic Product (GDP) growth rate of 3.4 per cent.

Others states to exceed the national growth rate were the two other mining states Queensland (4.0 per cent) and Northern Territory (4.4 per cent) and the Australian Capital Territory which grew 3.5 per cent.

Tasmania experienced the lowest growth rate of 0.5 per cent for 2011/2012.

Annual growth in NSW reached 2.4 per cent, beating the 2.2 per cent average over the last decade.

However, despite still showing positive growth, both Victoria and South Australia experienced suppressed figures in 2012.

Victoria’s economy grew by 2.3 per cent this year, with the average growth over the past decade sitting much higher, at 2.9 per cent.

South Australia’s GSP sat at 2.1 per cent, also lower than the average growth rate of 2.5 per cent in the years between 2000 and 2011.

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States perform well to boost national economy
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