NT economic growth
Approaches to calculating gross state product
Gross state product
In 2017-18, the Northern Territory (NT) economy grew by 1.7% to $26.2 billion, as measured by gross state product (GSP) (inflation adjusted). This was below the national rate of 2.8% and less than the 2.7% rate reported for 2016-17. The Territory reported the lowest growth rate of the Australian jurisdictions while the Australian Capital Territory reported the largest increase at 4.0%.
The moderation in Territory GSP growth was largely driven by falling private investment as the construction phase of the Ichthys LNG plant neared completion and the project transitions to the operational and export phase. The fall in private investment was partially offset by an increase in net exports and public investment.
In 2017-18, Territory GSP, in current prices (not adjusted for inflation), increased by 2.3% to $26.35 billion.
Territory GSP is forecast to grow by 2.9% and 4.3% in 2018-19 and 2019-20 respectively, largely due to increased LNG exports from the INPEX Ichthys plant.
Chart 1: NT GSP, chart 2: GSP by jurisdiction, chart 3: GSP comparison
Last updated: 11 December 2018