The latest Australian Bureau of Statistics National Accounts data shows Western Australia has enjoyed the strongest economic performance in the nation throughout COVID-19 – with State Final Demand (SFD) in 2021 up 7.2 per cent since 2019, ahead of every other State and Territory.
SFD – which is a measure of domestic economic activity, excluding net exports – also grew by 6.6 per cent in 2021, which was the best result of the mainland States.
The strong results for 2021 were underpinned by growth across all components of SFD – with household consumption contributing 3.1 percentage points, government consumption 1 percentage point and business investment 0.9 percentage points.
These latest figures, combined with strong net export results reported yesterday, indicate growth of 4.6 per cent in the domestic economy and external sector combined for 2021.
The McGowan Government’s strong management of the pandemic over the past two years with very limited lockdowns and strong continued business activity, has helped WA to repeatedly deliver the strongest economic results in the country.
As stated by Premier Mark McGowan:
“Western Australia’s approach to COVID-19 has always been focused on saving lives and protecting jobs.
“These results confirm Western Australia’s approach has delivered the best outcomes for local jobs, business and the economy throughout the pandemic.
“Western Australia has only spent 12 days in lockdown since the height of the pandemic, keeping businesses open and largely restriction-free while much of the country and the world were closed.
“Western Australia’s State Final Demand growing by 7.2 per cent over the past two years is a remarkable achievement – something nobody would have thought possible throughout a global pandemic.
“My Government has provided almost $1.7 billion of business assistance over the past two years – and we will continue to provide necessary support where required as we move into this next phase of the pandemic.”
