Economic growth


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 consumptionPublic consumption | Private investmentPublic investmentNet 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). The NT Government’s Economic Development Framework leverages existing strengths of the NT economy, unique culture and resources and our location as the gateway between Asia and Australia to continue the development and diversification of the NT economy, and encourage new investment and growth opportunities in the future.

Key facts

Economic growth

In 2018-19:

State final demand

In 2018-19:

In the December quarter 2019, NT’s SFD:

Household consumption

In 2018-19, household consumption:

In the March quarter 2020, household consumption:

Public consumption

In 2018-19, public consumption:

In the March quarter 2020, public consumption:

Private investment

In 2018-19, private investment:

In the March quarter 2020, private investment:

Business investment

In 2018-19, business investment:

In the March quarter 2020, business investment:

Dwelling investment

In 2018-19, dwelling investment

In the December quarter 2019, dwelling investment:

Ownership transfer costs

In 2018-19, ownership transfer costs:

In the March quarter 2020, ownership transfer costs:

Public investment

In 2018-19, public investment:

In the March quarter 2020, public investment:

Net exports

In 2018-19, net exports:

Explanatory notes