Budget 2013/14 Northern Territory Economy
Tabled paper 295
Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT
Tabled by David Tollner
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.
Department of the Treasury and Finance
36 External Economic Environment 2013-14 Budget was partly offset by a weak exports sector affected by slowing economic growth in China, a major export market for Indonesian commodities such as coal and palm oil. Economic growth is expected to strengthen to 6.3percent in 2013 and 6.4 per cent in 2014 on the back of increasing government infrastructure investment and a strengthening household sector. Economic growth in Malaysia strengthened from 5.1 per cent in 2011 to 5.6 per cent in 2012. Growth was mainly driven by higher household consumption and high levels of investment in the manufacturing, services and mining sectors, which were supported by the Malaysian Governments ongoing Economic Transformation Programme and Strategic Reform Initiative. The IMF is forecasting the Malaysian economy to grow above 5percent per annum in the years to come, underpinned by ongoing growth in investment in the economy, especially in the services sector, supported by household consumption and a recovery in exports as the global economy recovers. Economic activity in the Philippines strengthened from 3.9 per cent in 2011 to 6.6 per cent in 2012, boosted by the strong performance of the countrys services sector and rebounding manufacturing and construction activity. Strong domestic demand, supported by the Central Bank of the Philippines cutting interest rates, also helped to cushion the Philippine economy from the slowdown in global markets. The IMF is forecasting economic growth in the Philippines to slow to 6 per cent in 2013 and to 5.5 per cent in 2014. Despite moderating headline growth, the Philippine economy is expected to be underpinned by high levels of business and consumer confidence, robust private consumption, increased government spending, an ongoing boom in the services and construction sectors and strong growth in exports. Thailands economy rebounded strongly in 2012 following the significant flooding events of 2011 that affected industrial estates, farmland and parts of the capital Bangkok. Economic growth strengthened from 0.1 per cent in 2011 to 6.4 per cent in 2012, mainly driven by strong growth in household consumption reflecting the need to replace household items damaged by the floods, a sizable increase in the minimum wage and the introduction of a tax rebate to stimulate the purchase of locally produced motor vehicles. The export sector underperformed, reflecting the impact of the floods on the exportorientated manufacturing sector and weak external demand from key European markets. Economic growth in 2013 is forecast to increase by 5.9per cent driven by ongoing public reconstruction and other floodrelated investment. Malaysia The Philippines Thailand
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