Territory economic review
NT Treasury, Economic and Social Analysis Unit
Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals
Date:2006-07; Made available via the Publications (Legal Deposit) Act 2004 (NT).; This publication contains may contain links to external sites. These external sites may no longer be active.
Northern Territory -- Economic conditions -- Periodicals
Northern Territory Government
Northern Territorty Government
Territory Economic Review - July 2006 4 For further information contact: Economic Group (t) 08 8999 6801 or www.nt.gov.au/ntt State Final Demand Territory State Final Demand (SFD) increased by 2.7 per cent in the March quarter 2006, influenced by the timing of investment for major projects. In the year to March 2006 Territory SFD increased by 10.2 per cent (the highest growth of the jurisdictions) and, excluding investment for Bayu-Undan stage one and the pipeline for stage two, growth is estimated at 12.1 per cent (see chart). In the year to March 2006, total investment increased by 27.8 per cent contributing 7.4 (of the 10.2 percentage points) of SFD growth. The largest component of total investment is private investment, which accounted for 6.9 percentage points of SFD growth. Public investment contributed 0.5 percentage points to SFD growth. Total consumption increased by 3.7 per cent in the year to March 2006, contributing 2.7 percentage points to SFD growth. Household consumption expenditure was the main contributor to the increase in consumption, accounting for 2.1 percentage points, with the remaining 0.6 of a percentage point attributable to government consumption expenditure. Population Northern Territory resident population is estimated to have increased by 0.4 per cent in the December quarter 2005, to 204 453. This is the eighth consecutive quarterly population increase. In annual terms, Territory population growth strengthened to 1.8 per cent. This was greater than nationally (for the fourth consecutive quarter) where population increased by 1.2 per cent through the year, to an estimated 20.4 million persons. The Territorys estimated resident population increased by 732 persons in the December quarter 2005, compared to an increase of 474 in the December quarter 2004. Natural increase (births less deaths) and net overseas migration made positive contributions to growth in the quarter while net interstate migration had a small negative contribution. Natural increase (births less deaths) 604 Net overseas migration 132 Net interstate migration -4 Total population growth 732 Gross Domestic Product Australias Gross Domestic Product (GDP) increased by 0.9 per cent in the March quarter 2006, and by 2.9 per cent in the year to March. GDP growth was underpinned by solid domestic demand (that is consumption and investment), which increased by 4.6 per cent. Growth in the year was partly offset by the ongoing weakness in net exports, which subtracted 1.4 percentage points from growth. On the production side, the construction industry continued to drive growth in the year to March, and was supported by growth in the finance and insurance industry. Other industries reporting solid but more modest growth in the year were; wholesale trade, communication services and health and community services. The only industry to detract from growth in the year was the agricultural, forestry and fishing industry, subtracting 0.1 percentage points from growth. State Final Demand (latest data March quarter 2006) -15 -10 -5 0 5 10 15 20 25 30 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 -15 -10 -5 0 5 10 15 20 25 30 Year ended June Year on Year Quarterly Seasonally Adjusted Year on Year excluding Laminaria-Corallina and Bayu-Undan stage one and stage 2 pipeline per cent per cent Source: ABS Cat. Nos. 5206.0 Population Growth* (latest data December quarter 2005) -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 per cent per cent Year ended June Northern Territory Australia * annual percentage change Source: ABS Cat. No. 3101.0 Gross Domestic Product (latest data March quarter 2006) -2 -1 0 1 2 3 4 5 6 7 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 -2 -1 0 1 2 3 4 5 6 7 Year ended June per centper cent Domestic Demand - year on year GDP - year on year GDP - quarter on previous quarter Source: ABS cat. No. 5206.0
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