Gross state product
In 2019-20, the Northern Territory (NT) economy increased by 5.3% to $26.2 billion, compared to a decline of 1.3% for 2018-19, as measured by gross state product (GSP) (inflation adjusted). The Territory reported the highest growth rate of the jurisdictions, ahead of the Australian Capital Territory (2.4%), Western Australia (1.4%), and Tasmania (0.3%). The Territory’s 10‑year average growth in GSP is 2.5%. In 2019-20, the national economy declined by 0.3% from $1.952 trillion to $1.947 trillion.
The increase in Territory GSP was largely driven by a significant increase in LNG exports and a modest increase in government consumption expenditure.
Economic growth is forecast to fall by 0.1% in 2020-21, before increasing by 1.5% in 2021-22, reflecting the Ichthys LNG plant reaching full production as well as public investment in the Darwin ship lift and marine industry project, City Deals project, and significant defence and transport-related infrastructure expenditure.
Source: Australian Bureau of Statistics catalogue number 5220.0; Department of Treasury and Finance
Source: Australian Bureau of Statistics catalogue number 5220.0
Last updated: 11 January 2021
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