South Australia’s economy has continued to grow strongly, recording the highest growth in Gross State Product of all states, and second highest in the nation.
Australian Bureau of Statistics figures released today show the South Australian economy grew by 3.8 per cent in 2022-23.
Only the ACT was higher at 4.3 per cent. Nationally, GDP grew by 3.0 per cent.
South Australia’s GSP is now $134 billion. This is now almost $5 billion larger than the previous financial year.
SA’s GSP per capita grew by 2.2 per cent in the year, also the highest of all states.
South Australia’s economic growth was boosted by strong growth in:
*Agricultural production and exports growth in the year of 7.0 per cent, driven by another record year for crop production. This followed above-average years in 2020-21 and 2021-22.
* Growth in total private business investment of 10.2 per cent.
This was partly offset by a fall in government expenditure at federal, and state and local levels as COVID response and stimulus measures were wound back.
The strong result comes on the back of unprecedented employment in South Australia – there are now 959,000 South Australians in work, the highest number on record. Of these 635,500 are employed full time.
Since the election the Malinauskas Government has overseen the creation of 52,200 jobs – enough to fill Adelaide Oval. More than 38,000 of these are full-time.
Our unemployment figures are the equal lowest since monthly records began, more than 45 years ago.
South Australia’s economy is now growing robustly and covering new ground rather than making up for lost progress associated with COVID. This growth is significantly higher than the long-run, pre-COVID growth for South Australia of 2.2 per cent.
As put by Stephen Mullighan
South Australia’s economy continues to grow strongly and in the last year has outpaced every other state.
This strong growth has been significantly boosted by record crops and strong exports, as well as high levels of business investment.
While economic commentators continue to warn about a national economic slowdown our state confronts the challenge from the strongest possible position.
Today’s result is great news we head into the VAILO Adelaide 500, kicking off our event season for the coming months, which will provide a further boost to our economy.
