This section will look at the changes that have occurred within the Northern Territory’s (NT) economy over recent years. The annual size and growth of the NT economy is measured by its gross state product (GSP). From the GSP, quarterly estimates and analysis is provided for state final demand (SFD). This includes the NT's consumption and investment spending by people and households, businesses and Governments. GSP also tells us the value of NT goods and services exports and imports (net exports).
Key facts | Economic growth | State final demand | Household consumption | Public consumption | Private investment | Public investment | Net exports | Explanatory notes
Over the last 15 years the NT economy has experienced an ongoing pipeline of major project investments by both the public and private sectors, stimulating the expansion of the NT economy, exports and industries (Chart 1).
Key facts
- In 2024-25, the Territory economy increased by 1% to $34 billion.
- The Territory state final demand (SFD) increased by 2.9% to $35.6 billion over the same period, driven by increases in both consumption and investment.
- Net exports declined by 8.2% to $9.4 billion in 2024-25.
- In the year-ended June quarter 2026, SFD increased by 0.2%.
Economic growth
In 2024-25:
- the NT economy increased by 1% to $34 billion, following an increase of 0.8% in 2023-24
- the NT recorded the second weakest result of the jurisdictions Chart 2)
- the increase was driven by consumption which increased by 2.8% and investment up by 3.4%
- this was partly offset by net exports which contracted by 8.2% (Chart 3)
- NT’s GSP per capita declined by 0.2% to $129,524.
State final demand
In 2024-25:
- the NT’s SFD increased by 2.9% to $35.6 billion, driven by increases in both consumption and investment (Chart 4)
- national final demand increased by 2.1%
- SFD does not distinguish between demand met by goods and services produced within the NT, or by goods sourced from interstate or overseas, therefore SFD is not a full measure of the economy, nor can it be used as a proxy for GSP.
In the June quarter 2026, NT’s SFD:
- increased by 1.4% (seasonally adjusted terms) to $8.8 billion in the quarter, compared to nationally which increased by 0.3%
- reported the strongest result of the jurisdictions, which otherwise ranged from a decline of 0.3% in Victoria to an increase of 1.1% in Queensland
- increased by 0.2% in the year-ended June quarter 2026.
- declined by 1.9% in year-average terms (original terms) driven by declines in private investment and public investment (Chart 4)
- recorded the weakest year-average result of the jurisdictions
- SFD does not distinguish between demand met by goods and services produced within the NT, or by goods sourced from interstate or overseas. Therefore, SFD is not a full measure of the economy, nor can it be used as a proxy for GSP.
Household consumption
In 2024-25, household consumption:
- increased by 2.5% to $14.6 billion
- contributors included miscellaneous goods and services (adding 0.19 percentage points), housing, water, electricity and other fuels (adding 0.12 percentage points to GSP), recreation and culture (adding 0.11 percentage points) and health (adding 0.09 percentage points) (Chart 5)
- this was partly offset by alcoholic beverages and tobacco (subtracting 0.11 percentage points), and hotels, cafes and restaurants (subtracting 0.04 percentage points).
In the June quarter 2026, household consumption:
- increased by 0.6% (seasonally adjusted terms) to $3.8 billion in the quarter, compared with a 0.4% increase nationally.
- was largely driven by increased expenditure on transport, insurance and other financial services and hotels, cafes and restaurants.
- increased by 2.6% in year-ended terms.
- increased by 2.
8% (original terms) in year-average terms.
Public consumption
In 2024-25, public consumption:
- increased by 3.1% to $11.9 billion
- the increase was driven by both state and local consumption (up by 2%) and national consumption (up by 4.4%).
In the June quarter 2026, public consumption:
- increased by 1.4% (seasonally adjusted terms) to $3.1 billion in the quarter, compared with a 0.6% increase nationally.
- increased by 4.2% in year-ended terms.
- increased by 4.0% (original terms) in year-average term
Private investment
In 2024-25, private investment:
- increased by 4.1% to $6.4 billion, reflecting a 4.2% increase in business investment
- dwelling investments declined by 9.4% and ownership transfer costs increased by 33.6%.
In the June quarter 2026, private investment:
- increased by 14.6% (seasonally adjusted terms) to $1.4 billion in the quarter, compared no change nationally
- declined by 3.3% in year-ended terms.
- declined by 19.4% (original terms) in year-average terms.
Business investment
In 2024-25, business investment:
- was up by 4.2% to $5.5 billion
- the main contributors were intellectual property products (up by 46.1%) and non-dwelling construction (up by 0.3%) (Chart 6).
In the June quarter 2026, business investment:
- increased by 18.7% (seasonally adjusted terms) to $1.1 billion in the quarter. This reflects increases in non-dwelling construction (up by 31.4%), machinery and equipment (up by 9.7%) and intellectual property products (up by 8.9%). This was partly offset by cultivated biological resources (down by 6.5%).
- declined by 6.6% in year-ended terms.
- declined by 25.6% (original terms) in year-average terms.
Dwelling investment
In 2024-25, dwelling investment:
- declined by 9.4% to $595 million (Chart 7).
- for more information, refer to the Housing page.
In the June quarter 2026, dwelling investment:
- declined by 2.3% to $171 million (seasonally adjusted terms) in the quarter, with a 10.8% decline in alterations and additions, partly offset by a 7.3% increase in new and used dwellings.
- increased by 15.5% in year-ended terms.
- increased by 11.4% (original terms) in year-average terms (Chart 7).
Ownership transfer costs
In 2024-25, ownership transfer costs:
- increased by 33.6% to $370 million.
In the June quarter 2026, ownership transfer costs:
- increased by 4.6% (seasonally adjusted terms) to $114 million in the quarter.
- increased by 5.6 in year-ended terms.
- increased by 21.8% (original terms) in year-average terms.
Public investment
In 2024-25, public investment:
- increased by 1.6% to $2.7 billion, driven by a 0.2% increase in general government investment and an 8.7% increase in public corporations investment.
- The Australian Bureau of Statistics (ABS) statistical treatment of state and local public investment is not comparable to NT Government expenditure published in the Budget Papers, however provides a representation of public investment relative to GSP. For more information, refer to the NT Government's finance papers.
In the June quarter 2026, public investment:
- declined by 20.6% (seasonally adjusted terms) to $474 million in the quarter
- declined by 24.8% in year-ended terms.
- declined by 11.9% (original terms) in year-average terms.
Net exports
In 2024-25, net exports:
- narrowed by 8.2% to $9.4 billion, reflecting a 6.5% decline in net exports of goods with a 1.3% decline in goods exports and an 11.8% increase in goods imports
- net exports of services decline by $191 million to $46 million. This reflects a 9.3% decline in services exports to $1 billion and imports increasing by 9.6% to $980 million.
In the June quarter 2026, net exports:
- narrowed by 3% to $3.8 billion, with a 1.3% decline in goods exported and a 11.6% increase in goods imported. This was partly offset by a 2.7% increase in services exported and services imported were unchanged.
- widened by 30.5% in year-ended terms, with a 11.9% increase in goods exported, a 5.2% increase in services exported, a 39.5% decline in goods imports and a 1.1% decline in services imported.
- the latest monthly data published by the ABS, within the ‘International Trade in Goods’ release, shows the NT’s total balance of goods traded widened by 61.2% to $11.7 billion in the year-average July 2026, driven by a 5.9% increase in the value of goods exported and a 60.8% decline in the value of goods imported.
- Further information on the latest results for the NT’s goods trade balance can be found at the International trade page.
Explanatory notes
- GSP represents the value of economic output in a state or territory’s economy and is published annually on the ABS website.
- GSP is calculated using three measures: income, production and expenditure. Headline GSP represents an average of the combined income, expenditure and production measures.
- The ABS also publishes quarterly estimates of SFD, a measure of domestic economic activity. However, this does not include demand for the NT’s goods and services from overseas, net interstate trade or changes in inventories. Therefore, the annual value of net exports are provided through the GSP release, though with monthly estimates available in the separate ABS publication in ‘International Trade in Goods and Services’. For more information, refer to the International trade page.
- Caution should also be noted when comparing data currently pushed to previous publications. Historical GSP data is often revised from year to year as a result of new information available to the ABS. Given the relatively small size of the NT economy, this new information and subsequent revisions can have a significant impact on the NT’s growth rates.
- For the latest available data and analysis, see the Department of Treasury and Finance’s GSP and SFD economic briefs.