Economic indicators
Victorian economy at a glance
Our economy
Victoria’s economy has experienced strong growth over the last decade and is forecast to grow by 3.25 per cent in 2022-23.[1] Victoria’s strong performance is supported by the International Monetary Fund estimate of Australia’s annual growth of 4.2 per cent, outperforming other advanced economies that average a 3.3 per cent annual growth in 2022.[2] As a comparison, Victoria is a mid-sized economy that is larger than Singapore, New Zealand and most of South East Asia.
Our post covid economic recovery
Economic activity has fully recovered in Victoria and is above-pre-pandemic levels. [3] The Victorian economy’s strength is demonstrated through the creation of 200,000 jobs since the beginning of the 2020-21 financial year. Victoria is targeting to create 400,000 jobs by 2025. Full time employment is well above its pre-pandemic levels.
Our performance
The Victorian economy is a significant exporter of goods and services, exporting AUD$31.1 billion in goods and AUD$26.2 billion in services in 2018-19.[4] Proportionately, this represents 8.3 per cent and 27.1 per cent of Australia's total export of services in 2018-19. In total, Victoria’s state economy generated AUD$469.4 billion in Gross State Product (GSP) in 2018-19. Victoria accounts for 3 per cent of Australia's land mass[5] and 23 per cent of Australia's total Gross Domestic Product (GDP)[6].
Our people
Victoria has 6.64 million people or 26 per cent of Australia's population.[7] The Australian Bureau of Statistics forecasts Victoria's population is projected to reach between 7.5 and 7.9 million people by 2027.[1] Melbourne is predicted to be Australia's largest city in 2029-30 with a population of 5.9 million.[2] Around 3.48 million people are employed in Victoria[3], which is 26 per cent of all employed workers in Australia.
Economic Indicators
Victorian economy at a glance1
Indicator | Measure | Date | VIC | VIC | NSW | NSW | QLD | QLD | AUS |
|---|---|---|---|---|---|---|---|---|---|
Gross state product (GSP)6 | A$ (bn) | 2020-21 | 474.16 | 22.94 | 643.14 | 31.11 | 366.28 | 17.72 | 2,067.01(GDP) |
GSP compound annual growth rate | % | 2018-19 | 1.99 | - | 1.64 | - | 1.72 | - | 1.75 (GDP) |
Land mass5 | km2 | 0.23 | 3.0 | 0.8 | 10.4 | 1.7 | 22.5 | 7.7 | |
Population7 | million | Sept-21 | 6.6 | 25.8 | 8.1 | 31.8 | 5.2 | 20.4 | 25.7 |
Population density4 | per km2 | Sept-21 | 29.25 | - | 10.2 | - | 3.04 | - | 3.36 |
Employment12 | million | Mar-22 | 3.4 | 26 | 4.2 | 31.5 | 2.7 | 20.3 | 13.3 |
Unemployment rate12 | % | Mar-22 | 4.0 | - | 3.9 | - | 4.0 | - | 4.1 |
Capital City Inflation rate (CPI)11 | annual % change | Mar-22 | 4.5 | - | 4.4 | - | 6.0 | - | 5.1 |
Exports (goods)6 | A$ (billion) | 2020-21 | 28.09 | 7.1 | 52.7 | 13.3 | 60.7 | 15.3 | 395.8 |
Exports (services)6 | A$ (billion) | 2020-21 | 17.1 | 27.3 | 12.9 | 46.8 | 6.8 | 10.8 | 62.6 |
Sources:
1. The Department of Treasury and Finance, https://www.dtf.vic.gov.au/2022-23-state-budget/2022-23-strategy-and-outlook
2. The International Monetary Fund, https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD/AUS
3. The Department of Treasury and Finance, https://www.dtf.vic.gov.au/2022-23-state-budget/2022-23-strategy-and-outlook
4. The Department of Foreign Affairs and Trade, https://www.dfat.gov.au/sites/default/files/australia-state-territory-2018-19.pdf
5. GeoScience Australia, https://www.ga.gov.au/scientific-topics/national-location-information/dimensions/area-of-australia-states-and-territories
6. The Australian Bureau of Statistics, https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-state-accounts/latest-release
7. The Australian Bureau of Statistics, https://www.abs.gov.au/statistics/people/population/national-state-and-territory-population/latest-release
8. The Australian Bureau of Statistics, https://www.abs.gov.au/statistics/people/population/population-projections-australia/latest-release
9. Centre for Population, https://population.gov.au/publications/statements/2021-population-statement
10. The Australian Bureau of Statistics, https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/latest-release
11. https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/latest-release12. https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/latest-release
