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 March quarter 2026, SFD declined by 2.1%.
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 March quarter 2026, NT’s SFD:
- declined by 0.4% (seasonally adjusted terms) to $8.7 billion in the quarter, compared to nationally which increased by 1%.
- reported the third weakest result of the jurisdictions, which ranged from a decline of 0.7% in Tasmania to an increase of 1.8% in New South Wales.
- declined by 2.1% in the year-ended March quarter 2026.
- 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 March quarter 2026, household consumption:
- increased by 0.9% (seasonally adjusted terms) to $3.8 billion in the quarter, compared with a 0.5% increase nationally.
- was largely driven by increased expenditure on housing, water, electricity, gas and other fuels, recreation and culture, and food.
- increased by 2.4% in year-ended 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 March quarter 2026, public consumption:
- was unchanged (seasonally adjusted terms) at $3.1 billion in the quarter, compared with a 0.2% decline nationally.
- increased by 3.5% in year-ended terms.
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 March quarter 2026, private investment:
- declined by 6.9% (seasonally adjusted terms) to $1.2 billion in the quarter, compared to an increase of 3.6% nationally
- declined by 26.6% in year-ended 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 March quarter 2026, business investment:
- declined by 8.5% (seasonally adjusted terms) to $922 million in the quarter. This reflects a decline in non-dwelling construction (down by 16.2%), machinery and equipment (down by 12.5%) and cultivated biological resources (down by 2.4%). This was partly offset by intellectual property products (up by 12.6%).
- declined by 32.9% in year-ended 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 March quarter 2026, dwelling investment:
- increased by 6.1% to $174 million (seasonally adjusted terms) in the quarter, with a 12% increase in alterations and additions whilst new and used dwellings was unchanged.
- increased by 14.5% in year-ended terms.
Ownership transfer costs
In 2024-25, ownership transfer costs:
- increased by 33.6% to $370 million.
In the March quarter 2026, ownership transfer costs:
- declined by 10.9% (seasonally adjusted terms) to $98 million in the quarter.
- was unchanged in year-ended 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 March quarter 2026, public investment:
- increased by 2.4% (seasonally adjusted terms) to $714 million in the quarter
- increased by 8.2% in year-ended 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 March quarter 2026, net exports:
- widened by 28.6% to $3.5 billion, with a 14.3% increase in goods exported and a 36.1% decline in goods imported. This was partly offset by a 4.1% decline in services exported and a 6.6% increase in services imported.
- widened by 37.3% in year-ended terms, with a 9.7% increase in goods exported, a 7.6% increase in services exported and a 52.8% decline in goods imports. This was partly offset by an 8.9% increase 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 narrowed by 2.5% to $973 million in the year-ended April 2026, driven by a 27.8% increase in the value of goods imports, partly offset by a 2% increase in the value of goods exports.
- 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.