SA economy leading the nation in growth

South Australia has the strongest growing economy in the nation according to today’s State Final Demand (SFD) figures released today by the Australian Bureau of Statistics.

South Australia’s SFD for the March Quarter increased by 1.3 per cent, almost double the next best in Queensland and well ahead of the national GDP growth of just 0.2 per cent.

It takes the annual rate of SFD growth in SA to 3.1 per cent higher than a year ago. Nationally, the GDP grew by 1.3 per cent.

The seasonally adjusted SFD figures are a measure of the value of spending at the state level.

In South Australia, during the March quarter, spending rose in public investment (up 6.9 per cent), dwelling investment (up 3.8 per cent), new business investment (up 3.3 per cent), and household consumption (up 0.8 per cent)

Quotes

Attributable to Stephen Mullighan

Today’s result is excellent news and should give South Australians confidence that the state’s economy is heading in the right direction.

SA’s growth is clearly number one in the nation and is well above the national average.

With inflation easing and interest rates beginning to come down we are starting to see household spending pick up which will be welcome news to thousands of small businesses in the state.

This is an excellent result and demonstrates the Government’s cost of living relief and efforts to stimulate the economy are having a positive impact.