Budget Paper 1994-95 No.6 Northern Territory Economy
Tabled Paper 2156
Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT
Tabled by Barry Coulter
Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.
Economic Growth The structure o f the Territory econom y is notably different to that o f A ustralia reflecting the T errito rys stage o f developm ent together w ith sign ifican t natural resource endow m ents both on and offshore. Principal differences exist in the relative size o f the public sector, grow ing con tribu tions from the m ining, ag ricu ltu ra l and tourism sectors and a re la tive ly sm all m anufacturing sector. U nderlying th is structure, the T errito rys dem ographic characteristics are also unique in term s o f size, com position and distribution. Econom ic output, as m easured by G ross State Product (GSP) by industry sector, for the Territory and A ustralia is shown in Figure 2.1. W hile this data is som ew hat dated, recent industry sourced data indicates that for the Territory the broad structural features shown below rem ain. The significance o f the m ining sector in the Territory has m eant that changes in the T erritorys aggregate econom ic activity in recent years have been directly related to varying perform ance in the m ining sector, and in particular, fluctuations in the value o f oil production. Figure 2.1 Gross State Product by Industry Sector Mining Public Services and Defence W holesale and Retail Trade Construction Transport and Com munication Financial Services Recreation and Tourism M anufacturing Ow nership o f Dw ellings Agriculture Utilities General Government Source: ABS Cat. No. 5220.0, 1991/92 10 15 P ercen t o fG S P /G D P 20 25 7