For the first time in South Australia’s history the total value of the state’s economy has grown above $100 billion.
ABS data has revealed that in 2015-16 Gross State Product grew by 1.9%, resulting in GSP of $101.1 billion. On a per capita basis, South Australia experienced the third strongest growth in GSP across all states (after New South Wales and Victoria) with GSP per capita growing 1.2% in 2015-16.
The larger than expected growth for 2015-16 was driven by:
- Net exports (up 55%)
- Real estate service (up 9%)
- Mining (up 5.2%)
- Construction (up 5.1%)
- Household consumption (up 2.6%).
The $100 billion milestone is higher than the 1.5% growth forecast at the time of the State Budget. It follows recent reports from NAB and ANZ which found SA has the highest business confidence in Australia and that economic growth is accelerating.