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Wednesday, November 09, 2005

Tasmania Records Big Increases in Key Economic Indicators -

Tasmania Records Big Increases in Key Economic Indicators - Lara Giddings, MHA - Tasmanian Government Media Releases

Tasmania recorded big increases in Gross State Product (GSP), private investment and real consumer spending during 2004-05.

Figures released today by the ABS show Tasmania’s Gross State Product (GSP) grew by 4 per cent in 2004-05 – a rate of growth equalled only by Queensland.

It follows growth of 3.7 per cent in 2003-04.

Economic Development Minister Lara Giddings said the latest figures show that Tasmania’s economy is continuing to experience strong growth.

“Once again we are leading the country in terms of key economic indicators,” Ms Giddings said.

“Tasmania’s growth in GSP of 4 per cent outstripped the national growth in Gross Domestic Product (GDP) which grew by 2.3 per cent in 2004-05.

“Private sector investment is at record levels at present and that is reflected by a 31.4 per cent increase in 2004-05 compared to13.1 per cent in 2003-04.

“This is a critical indicator and points to continued economic growth in the state well into the future.

“The key now is to keep the momentum going.”

Real consumer spending grew by 5.8 per cent in 2004-05. This rate of growth is just below the best on record for Tasmania, recorded in 2003-04, and reflects the State’s strong employment growth and increased population levels.

“In 2004-05, mining in Tasmania recorded the highest rate of growth of all industries (34.5 per cent). Other high growth rate industries in 2004-05 were construction, accommodation, cafés and restaurants and finance and insurance”, Ms Giddings said.


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