NSW number one on economic growth
The NSW economy is growing faster than the national average and is performing strongly on a number of indicators, the latest national accounts figures show.
Treasurer Gladys Berejiklian said the ABS report shows NSW is continuing to outperform the softening national economy as economic activity transitions away from mining led growth.
“NSW has returned to its number one position among the States, recording the strongest demand growth in through the year terms,” Ms Berejiklian said.
“NSW has grown faster than any other state for six of the last seven quarters and has grown faster than the national average for ten consecutive quarters.”
The ABS data showed NSW State Final Demand grew by 0.8 per cent in the June quarter to be at an above trend rate of 3.3 per cent through the year.
Meanwhile, NSW consumption and dwelling investment performed strongly over the last year, rising by 2.9 per cent and 9.5 per cent respectively through the year to June 2015.
The GDP figures come a day after strong housing figures, which showed 6,824 dwellings were approved in July in NSW - the highest monthly number on record.
It also comes on the back of ABS data that showed there were 29,500 jobs added in July in NSW - more than four times the next highest state.
“It is so pleasing to see the hard work of our Government paying off and it truly is an exciting time to live, work and invest in our great State,” Ms Berejiklian said.
“We will continue to work even harder to build record infrastructure and create more jobs so we can see positive results like this continue.”