Gross state product
In 2018-19, the Northern Territory (NT) economy detracted by 1.5% to $26.1 billion, as measured by gross state product (GSP) (inflation adjusted). This was below the national rate of 1.9% and less than the 2.0% rate reported for 2017-18. The Territory was the only jurisdiction that recorded a decline in GSP while Tasmania recorded the highest growth at 3.6%. The Territory’s 10-year average growth in GSP is 2.6%.
The decline in Territory GSP growth was largely driven by a significant fall in investment, particularly private investment associated with the completion of the construction phase of the Ichthys liquefied natural gas (LNG) project. Net exports of goods and services increased however, largely due to LNG exports.
Economic growth is forecast to rise to 6.3% in 2019-20 and 4.1% in 2020-21, largely due to increased LNG exports from the Territory.
Source: Australian Bureau of Statistics catalogue number 5220.0; Department of Treasury and Finance
Source: Australian Bureau of Statistics catalogue number 5220.0
Last updated: 22 January 2020
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