NSW has recorded the strongest quarterly economic growth amongst all states with State Final Demand (SFD) rising by 1.9 per cent in the June quarter, according to the ABS National Accounts released today.\u00a0\u00a0\u00a0
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On an annual basis, the quarterly national accounts showed NSW SFD, a measure of economic activity, rose 4.1 per cent over the year to June 2022.
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This is much higher than the increase in Australia’s gross domestic product of 0.9 per cent in the June quarter and 3.6 per cent over the year to June 2022.
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Treasurer Matt Kean said the figures demonstrated the State\u2019s economy was continuing to rebound strongly despite economic challenges including supply chain issues, exacerbated by the Russia-Ukraine war and China\u2019s zero COVID policy.
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\u201cNSW recorded the strongest economic growth of all states in the June quarter showing the NSW economy is going from strength to strength following last year\u2019s pandemic-related impacts,\u201d Mr Kean said.
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\u201cOur government\u2019s continued investment in NSW is propelling Australia\u2019s strong economic performance.
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\u201cToday\u2019s report showed household consumption rose 2.5 per cent in the June quarter, which drove the State\u2019s increase in State Final Demand.
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\u201cSpending on hospitality, transport and recreation and culture have all increased as households spend more freely post-COVID restrictions.\u201d
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Business investment also grew by a strong 4.1 per cent in the quarter, with firms investing in machinery and equipment as demand increased.<\/p>\n","protected":false},"excerpt":{"rendered":"
NSW has recorded the strongest quarterly economic growth amongst all states with State Final Demand (SFD) rising by 1.9 per cent in the June quarter, according to the ABS National Accounts released today.\u00a0\u00a0\u00a0\u00a0On an annual basis, the quarterly national accounts showed NSW SFD, a measure of economic activity, rose 4.1 per cent over the year … Continue reading “NSW the top state for economic growth”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-18118","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/18118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=18118"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/18118\/revisions"}],"predecessor-version":[{"id":18119,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/18118\/revisions\/18119"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=18118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=18118"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=18118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}