Economic overview of the Territory – facts and figures

In 2018‑19, the Territory economy fell by 1.5 per cent to $26.1 billion, down from $26.5 billion in 2017‑18 (Table 1).

Table 1: Territory economy, 2017‑18 and 2018‑19

2017‑182018‑19
Gross state product ($m) $26,500 $26,109
Population (persons) 247,159 244,761
Exports ($m) $5,721 $9,467
Imports ($m) $1,957 $1,825
Unemployment rate (original) 4.1% 4.6%
Inflation rate (national) 1.2% 1.6%
Average weekly full‑time adult earnings (persons) $1,727 $1,778

Source: treasury.nt.gov.au

Deloitte Access Economics (DAE) Economic Outlook forecasts moderate growth of the Territory economy by an average of 2.7 per cent over the five years to 2022‑23 (Figure 2). This is the highest forecast five‑year average economic growth of the jurisdictions and is largely driven by exports. DAE notes that exports (mainly minerals and liquefied natural gas) are expected to be key drivers of the Territory economy, however they will have less flow‑on effects to domestic demand.

Figure 2: Territory economic outlook – GSP 2000-01 to 2023-24f

Source: treasury.nt.gov.au


Last updated: 01 December 2020

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