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Australian territorial economy / From Wikipedia, the free encyclopedia
Title of page: Economy of the Australian Capital Territory
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Currency | Australian Dollar (AUD) |
---|---|
1 July 2018 - 30 June 2019 | |
Statistics | |
GDP | A$39.44 billion (2017-18) (real)[1] |
GDP growth | 4.0%[1] |
GDP per capita | A$94,831 |
GDP by component | Government spending: 51.7%
Household consumption: 38.2% Investment: 11.1% Net exports: -1% |
1.8% | |
1.5% (nationally set by RBA) | |
Labour force | 236,500 |
Unemployment | 3.6%[2] |
A$91,336 yearly[3] |
The economy of the Australian Capital Territory (ACT) is the fastest-growing, sixth biggest economy of Australia as of the end of the 2017-18 financial year.[update][4] Since the introduction of its self-government status in 1989, and with few exceptions in 1992, 1996, and 2014, the ACT economy has exhibited positive growth at a 1991-2018 average of 3.17 percent per year.[1] A vast majority of the economy is concentrated in Canberra, the capital city of Australia, and is composed primarily (about 75%) by service industries, particularly those related to the administration of federal and local government. Construction also contributes to an important part of the economy, boosted by large government-funded projects and an active residential market. In contrast to other Australian states and territories, primary sectors such as agriculture, forestry, and mining, represent a very small proportion of the economy (±1%).[5][6]
As of March 2019[update], the ACT exhibits the lowest unemployment rate at 3.6 percent, with almost a third of workers being employed in the public sector.[7] Inflation in has been slightly greater than the national rate since mid 2017, reaching 1.8% in the year to Q1 2019.[8] As per the 2016 census, median weekly personal income was A$998[9], while in 2017-18 total yearly disposable income per capita in was A$91,336.[10]