Australia economy is still growing24 November 2015 by News Desk
Economic growth across Australia is continuing to rise, despite a slowdown in other major countries.
Western Australia has seen biggest growth in the past 12 months, at 3.5%, with Victoria at 2.5%, NSW at 2.4%, South Australia at 1.6%, and Tasmania, also at 1.6%. Queensland has dropped from 2nd place to 6th with growth of just 0.5%, according to the Australian Bureau of Statistics.
Western Australia – Economic growth in W.A. has slowed to 3.5% and is below the state’s average of 4.7%. The state government expects growth to be around 2% in the next 12 months. Mining was the major growth engine in 2014/15, driven by an increase in iron ore exports.
Queensland – The state economy has slowed to just 0.5% in 2014/15, well below the state’s long-term average of 4%. The government expects growth to bounce to 4.5% in 2015/16 as new gas exports begin to flow.
Mining has contributed to the growth, along with construction and professional business services.
New South Wales – The NSW economy grew by 2.4% in 2014/15, a rise on previous years’ figures, and in line with the state’s long-term average of 2.5%. The government expects an increase in growth to 3.0% in 2015/16.
Service sectors including retail, hospitality, recreational services, education and communications grew strongest, contributing almost half of the total growth.
Victoria – The Victorian economy grew by 2.5%, close to the state’s long-term average of 2.7% and above the state government forecast of 2.25%. The government expects growth of 2.5% in 2015/16. Service industries have shown strongest growth, along with construction and finance.
South Australia – South Australia’s economy grew by 1.6% in 2015 with service sectors leading the growth charge, particularly retail, hospitality and communications, according to the Australian Bureau of Statistics. Health, finance and real estate sectors also grew over the past 12 months. The state government forecasts state-wide growth of 2.0% in the coming year.
Tasmania – In Tasmania, the economy grew by 1.6% in 2014/15, following a contraction of 1.2% in 2012/13. Growth has been driven by the services industries, construction and agriculture.