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Budget Paper No.6 1997/98 Northern Territory Economy



Budget Paper No.6 1997/98 Northern Territory Economy

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Tabled Paper 3223


Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT




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expected to be responsible for a moderate increase in imports. The Territory maintains a healthy surplus in merchandise trade with imports estimated to represent only 32.7% of exports in 1996-97, in contrast, the national economy experiences a merchandise trade deficit. Forecasts In line with a move to more sustainable levels of growth, economic activity in the Northern Territory is forecast to grow by 5.1% in 1997-98. In the short term, the national economy is not expected to pick up until the end of 1997 and international markets will remain mixed although the Territory economy will continue to grow strongly, driven by private consumption and capital expenditure. The present level of capital spending is expected to continue as the supply of infrastructure approaches demand, particularly in the tourism, residential and retail areas. Public consumption will remain subdued in line with the Territory Governments fiscal strategy and ongoing restraint by the Commonwealth but public capital expenditure is expected to firm with the continued defence developments and the necessary expenditure by the Territory Government in meeting the social and economic infrastructure needs of a growing population. Table 2.2 Northern Territory Economic Growth (real annual percentage change) 1994-95 1995-96 1996-97* 1997-98# Consumption Expenditure Private 9.5 8.7 10.0 8.0 Public 4.8 2.7 3.0 2.5 Captial Expenditure Private -6.9 83.6 9.0 7.0 Public 17.9 -23.8 5.0 4.0 State Final Demand 6.0 15.0 7.6 6.2 International Trade in Goods Exports -0.7 7.6 6.0 8.0 Imports 23.3 7.6 6.0 7.5 Balancing Item @ -15.2 67.4 14.0 10.0 Gross State Product 8.6 1.9 5.0 5.1 @ Includes international trade in services, interstate trade, changes in stocks and the statistical discrepency. Sources: ABS Cat. No. 5242.0, * NT Treasury estimates, # forecast Economic Growth 12