Economic indicators

Victorian economy at a glance

Victoria is a mid-sized economy that is larger than Singapore, New Zealand and most of South East Asia. The Victorian state economy has experienced strong growth over the last decade, increasing by an average of 2.2% annually over the ten years to June 2016.1 This is well above the International Monetary Fund figure of 1.9% average annual growth for developed countries over this same period.

Victoria accounts for 3% of Australia's land mass and 23% of Australia's total Gross Domestic Product (GDP)1. Around 3.1 million people are employed in Victoria4, which is 26% of all employed workers in Australia.  The Victorian economy is a significant exporter of goods and services and was responsible for A$16.7 billion or over 24.4% of Australia's export of services in 2015-16.7 In total, our state economy generated A$373.6 billion in Gross State Product (GSP) in 2015-16.1

Victoria has 6 million people or 25% of Australia's population.2 The state economy will continue to benefit from on-going population growth. The  Australian Bureau of Statistics forecasts Victoria's population to reach between 10 million and 12 million people by 2060. Melbourne is predicted to be Australia's largest city as early as 2030 with a population of 6.1 million.

Economic Indicators

Victorian economy at a glance1

Indicator

Measure

Date

VIC

VIC
% of AUS

NSW

NSW
% of AUS

QLD

QLD
% of AUS

AUS

Gross state product (GSP)1

A$ (bn)

2015-16

373.6

22.5

531.3

32

300.3

19

1,662(GDP)

GSP annual growth rate1

%

2015-16

3.3

-

3.5

-

2.0

-

2.8 (GDP)

GSP av. annual growth rate1

%

2007-16

2.2

-

2.2

-

2.9

-

2.8 (GDP)

Land mass

km2
(million)

 

0.23

3.0

0.8

10.4

1.7

22.5

7.7

Population2

million

Mar-16

6.0

25.1

7.7

32.0

4.8

20.1

24.0

Population growth2

% (YoY)

Mar-16

1.9

-

1.4

-

1.3

-

1.4

Population density3

per km2

Mar-16

26.1

-

9.5

-

2.8

-

3.1

Employment
(seasonally adjusted)4

million

Nov-16

3.1

25.8

3.8

31.8

2.4

20.0

12.0

Unemployment rate (seasonally adjusted)5

%

 Dec-16

6.0

-

5.2

-

6.2

-

5.8

Capital City Inflation rate (CPI)6

annual % change

Jun-16

1.4

-

0.9

-

1.5

-

1.0

Exports (goods)7

A$ (billion)

2015-16

26.1

10.7

42.5

17.4

51.6

21.2

244.0

Exports (services)7

A$ (billion)

2015-16

16.7

24.4

28.5

41.8

11.0

16.2

68.3

 

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Sources:

  1. ABS, cat. no. 5220.0, (released Nov 2016) 
  2. ABS, cat. no. 3101.0, (released Sep 2016)
  3. ABS, cat. no. 3218.0, (released Mar 2016)
  4. ABS, cat. no. 6291.0.55.003, (released Dec 2016)  
  5. ABS, cat. no. 6202.0, (released Jan 2017) 
  6. ABS, cat. no. 6401.0, (released Jul 2016) 
  7. DFAT, Country Fact Sheets, Dec 2016