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Sunday, February 05, 2006

An Economy going from Strength to Strength - Lara Giddings, MHA - Tasmanian Government Media Releases

An Economy going from Strength to Strength - Lara Giddings, MHA - Tasmanian Government Media Releases

In yet another sign of a buoyant economy, Tasmania has outperformed every other State and Territory for retail trade growth in December 2005 according to data released by the Australian Bureau of Statistics (ABS).

Economic Development Minister Lara Giddings today said Tasmanians remained confident in an economy which continues to outshine the rest of the nation.

“The latest figures show retail trade in trend terms in Tasmania rose by 0.4 per cent in December 2005 to $383.4 million, which is 6.6 per cent above the level recorded one year earlier,” Ms Giddings said.

“The 0.4 percent increase in December was the largest of any state and territory.”

In December 2005, growth was recorded for all components of retail trade in Tasmania except for department stores and other retail (down 0.1 per cent in Tasmania and down 0.4 per cent nationally).

The largest increase was for recreational goods (up 1.3 per cent in Tasmania but down 0.1 per cent nationally), household goods(up 1.0 per cent in Tasmania and 0.2 per cent nationally), hospitality and services(up 0.7 per cent in Tasmania), clothing and soft goods (up 0.5 per cent in Tasmania but down 0.6 per cent nationally), and food retailing(up 0.1 per cent in Tasmania).

Ms Giddings said the growth in retail trade shows that Tasmania’s economy continues to be strong.

“The high level of retail activity shows that consumers remain confident enough in the Tasmanian economy to maintain their level of expenditure.

“And it shows that retailers are prepared to invest in Tasmania and create jobs for Tasmanians.

The ABS have also released great results for Tasmania in international merchandise exports for December 2005

“The nominal value of overseas merchandise exports from Tasmania grew by 11% to $2.728 billion in the year to December 2005 compared with the previous year.

In terms of Tasmania's export markets, the largest increases over the past year by country and nominal value has been to India (up $100m), Korea (up $65m), Singapore (up $60m), Hong Kong (up $57m), Taiwan (up $44m), Thailand (up $24m), Indonesia (up $18m), Malaysia (up $16m), South Africa (up $13m) and New Zealand (up $10m).

“The growth in Tasmania’s retail trade and export data is also a result of the good economic management of the Lennon Labor Government which has created an environment where business is willing to invest and consumers are able to spend.”


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