ABS reports a rise in GSP across all Jurisdiction

Australian Bureau of Statistics (ABS), in one of the media releases on 18 November 2022 reported a 3.6% growth in the Australian economy following growth of 2.2% in 2020-2021. The result reflects the recovery in the economy coming out of the COVID-19 pandemic with the ease in the border restrictions and lockdown measures.

1. New South Wales Gross State Product (GSP) increased 1.8% in 2021-22, subsequent an increase of 2.6% in the previous year.
2. Victoria recorded an increase of 5.6% in GSP in 2021-22, subsequent a fall of 0.3% in 2020-21 and minor growth of 0.1% in 2019-20 when economic activity was controlled by pandemic containment measures.
3. Queensland GSP improved 4.4%, following growth of 2.9% in the 2020-21 financial year.
4. South Australia GSP improved 5.1% after a rise of 4.7% in 2021.
5. Western Australia GSP increased 3.1% subsequent a growth of 3.3% in 2020-21.
6. Tasmania GSP grew 4.3% following a rise of 5.0% in 2020-21.
7. Northern Territory GSP rose 4.7% in 2021-22 following a drop of 1.4% in 2021.
8. Australian Capital Territory GSP was up 1.9% following a rise of 3.9% in 2021.

ABS pointed out that six out of eight states and territories witnessed record growth in Real Gross State Income (RGSI) in 2021-22.

While GSP measures domestic production, the real purchasing power of income generated from that production is affected by deviations in the prices of international and interstate imports as well as exports.

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