Western Australia Out Of Recession After 4 Consecutive Contracting Years

Western Australia Out Of Recession After 4 Consecutive Contracting Years

Western Australia Premier Mark McGowan

Western Australia Treasurer Ben Wyatt

McGowan Govt’s Jobs Agenda Helps Bring Western Australia Out Of Recession

Victor P Taffa

  • ABS figures released today confirm positive growth in the Western Australia economy for the most recent financial year
  • Business investment records a significant turnaround after 4 consecutive years of contraction
  • Figures also show the Western Australia economy continuing to diversify

McGowan Government has welcomed figures released today by the Australian Bureau of Statistics, providing official confirmation that the Western Australian economy is out of recession.

“It has been a defining week for Western Australia’s economy, local jobs and our Budget.” Premier Mark McGowan said.

“That we, as a State, are out of recession is the culmination of months of data which have shown the economy is recovering and our plan is working.”

In 2017-18, the overall Western Australia economy (Gross State Product) grew by 1.9 %, while the domestic economy (State Final Demand) grew by 1.1 %. This follows significant contractions in these measures in 2016-17, and 4 consecutive years of decline in the domestic economy.

Figures also show a significant turnaround in business investment in 2017-18. After declining for 4 successive years, and by 28.6 % in 2016-17, business investment grew at 0.1 % in 2017-18. While only modest growth, the significant turnaround from the previous year is an important sign for the Western Australia economy.

“Journey out of recession has been made inch by inch. Every part of the Western Australian community is doing its bit to get the Western Australia economy back on track. It has been achieved by focusing on every cog in the wheel.” Treasurer Ben Wyatt said.

“McGowan Government has concentrated its efforts on stable, responsible financial management, and is committed to maintaining this focus and discipline in the years to come.”

WA Treasurer Ben Wyatt

 

 

 

 

 

 

 

Data released today also shows that Western Australia’s economic growth is not confined to the mining sector. While mining grew by 2.8 % in gross value-added terms in 2017-18, the following sectors also recorded strong growth:

  • Financial and insurance services – 5.4 %;
  • Manufacturing – 3.4 %;
  • Professional and scientific services – 3.2 %;
  • Accommodation and food – 3 %;
  • Arts and recreation – 2.4 %;
  • Construction – 2.4 %.

 

Abbreviations:

ABS                Australian Bureau of Statistics