NSW the top state for economic growth
NSW has recorded the strongest quarterly economic growth amongst all states with State Final Demand (SFD) rising by 1.9 per cent in the June quarter, according to the ABS National Accounts released today.
On an annual basis, the quarterly national accounts showed NSW SFD, a measure of economic activity, rose 4.1 per cent over the year to June 2022.
This is much higher than the increase in Australia's gross domestic product of 0.9 per cent in the June quarter and 3.6 per cent over the year to June 2022.
Treasurer Matt Kean said the figures demonstrated the State’s economy was continuing to rebound strongly despite economic challenges including supply chain issues, exacerbated by the Russia-Ukraine war and China’s zero COVID policy.
“NSW recorded the strongest economic growth of all states in the June quarter showing the NSW economy is going from strength to strength following last year’s pandemic-related impacts,” Mr Kean said.
“Our government’s continued investment in NSW is propelling Australia’s strong economic performance.
“Today’s report showed household consumption rose 2.5 per cent in the June quarter, which drove the State’s increase in State Final Demand.
“Spending on hospitality, transport and recreation and culture have all increased as households spend more freely post-COVID restrictions.”
Business investment also grew by a strong 4.1 per cent in the quarter, with firms investing in machinery and equipment as demand increased.
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