Andrew Constance med rel: State Final Demand

NSW remains the strongest growing economy among all the states, recording the highest through the year growth rate in State Final Demand.

ABS National Accounts released today show NSW State Final Demand grew 3.6 per cent through the year.

Treasurer Andrew Constance said today’s figures comes off the back of a strong result in the March quarter, which has been revised up from 2.4 per cent to a 2.7 per cent increase.

“Households have reason to be confident in the NSW economy,” Mr Constance said.

“Latest surveys show NSW consumers are the most confident in the nation, while business conditions are the strongest in the country.

“Despite a 0.4 per cent drop in State Final Demand for the June quarter, we are still leading the states through the year, growing at 3.6 per cent – above the national average.

“The NSW economy is strongly positioned to benefit from the nation’s transition away from mining and is surging ahead on a range of economic indicators.

“Housing approvals are at their highest levels in over a decade, retail sales volumes are 5.8 per cent higher than they were a year ago, and the unemployment rate remains the second lowest in the nation.

“The NSW Liberals & Nationals Government has created over 120,000 jobs since April 2011 and we remain committed to investing in the key drivers of the economy.”