Territory economic review
Northern Territory. Department of Treasury and Finance
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Northern Territory -- Economic conditions -- Periodicals
Northern Territory Government
Northern Territorty Government
https://hdl.handle.net/10070/534440; https://hdl.handle.net/10070/534442; https://hdl.handle.net/10070/534443; https://hdl.handle.net/10070/534445; https://hdl.handle.net/10070/534438
2 Economic Group, Department of Treasury and Finance Economic Growth Territory economy records highest growth in Australia in 2013-14 Territory private capital expenditure at record levels in 2013-14 Economic growth In 2013-14, economic growth in the Territory, as measured by Gross State Product (GSP), increased by 6.5 per cent to $21.2 billion. This was the strongest growth of all jurisdictions, and compares with 2.5 per cent nationally. Economic growth in the Territory was driven by private investment, household consumption and net exports. Private capital expenditure In 2013-14, private capital expenditure in the Territory increased by 8.0 per cent to $11.8 billion, the highest level on record. This was the strongest growth of all states, which varied between -12.9 per cent in the Australian Capital Territory and 6.8 per cent in Victoria. Private capital expenditure in the Territory in 2013-14 was driven by non-dwelling construction activity, which increased by 2.9 per cent to $8.6 billion. This reflects a number of major projects, including: the INPEX Ichthys LNG project; expansion at the McArthur River zinc-lead mine; the Marine Supply Base; and the Darwin Correctional Precinct. Residential housing and unit development in Darwin and Palmerston also contributed to private dwelling construction growing by 39.4 per cent in 2013-14. Household consumption In 2013-14, household consumption in the Territory, increased by 3.4 per cent to $9.5 billion. The main contributor to growth in household consumption in the Territory in 2013-14 was net expenditure interstate, contributing 1.0 percentage points to growth. Other main contributors were: rent and other dwelling services (0.5 percentage points), health (0.4 percentage points), and food (0.2 percentage points). The only category that detracted from household consumption growth in the Territory in 2013-14 was transport (detracting 0.4 percentage points). Public consumption and capital expenditure In 2013-14, public final demand increased by 0.7 per cent driven by a 3.3 per cent increase in public consumption, partly offset by an 11.4 per cent decline in public investment. Government final consumption expenditure in the Territory increased by 3.3 per cent to $6.5 billion in 2013-14. This reflects a 2.2 per cent increase in state and local government expenditure to $3.6 billion and a 4.7 per cent increase in national government expenditure to $2.8 billion. Government capital expenditure declined by 11.4 per cent to $1.2 billion. This comprised a 25.9 per cent decline for public corporations and a 4.7 per cent decline in general government expenditure on capital expenditure. International trade Territorys goods trade surplus widened to $3.4 billion in the year to October 2014. This was driven by a decline in goods imports (down by $1.9 billion) and an increase in goods exports (up by $0.6 billion). The decline in goods imports reflects lower machinery imports and a decrease in feedstock gas imports from the Joint Petroleum Development Area following the ABS decision to suppress the information. Higher goods exports largely reflect increases in exports of metal ores to China and petroleum products to Thailand.