Victorian economy records steady growth despite global challenges
|6 June 2012 |
|Victoria's economy continues to show solid growth despite the weakening global economy demonstrating the underlying resilience of the state in the face of challenging global conditions.|
|The release of the Australian Bureau of Statistics' National Accounts showed state final demand increased by 1.8 per cent over the March quarter and 2.7 per cent over the year.|
Victoria's growth over the last quarter was the strongest of all states except Western Australia which has been insulated by the mining boom. By contrast New South Wales, Queensland and Tasmania all recorded a decline in state final demand over the March quarter.
Growth over the March quarter has been driven by an increase in household consumption including transport services, recreation and cultural activities, clothing, footwear and food. Private business investment in non-dwelling construction, machinery and equipment has also contributed significantly.
The National Accounts also showed strong growth in Victoria's exports. Despite the high Australian dollar, Victorian goods exports grew by 4.6 per cent in the last quarter and more than nine per cent over the year.
This is in contrast to national figures which showed goods and services exports fell by 1.3 per cent over the last quarter and grew by just 6.3 per cent over the year.
Victorian state Treasurer, Mr Kim Wells MP, said today’s results, “validate the actions the Victorian Government is taking to strengthen the state's finances, lift productivity and generate jobs. While there is always a degree of volatility in quarterly reports, it is clear there is a great deal of confidence in the Victorian economy.”