WA's economy goes from strength to strength

• Reports confirm WA's economy as strongest in the nation

• WA's unemployment rate lowest in the country at 4.7%

• CCI WA predicts WA's economy to grow by 6.5% next financial year

Western Australia's economy is a standout performer, growing at a rapid pace, according to a number of recent reports.

Released today, the Chamber of Commerce and Industry (CCI) Western Australia's March quarter 2013 Outlook, forecasts strong growth for the WA economy of 6.5 per cent per annum in both 2012 13 and 2013-14. 

CCI's outlook for the local economy found a 'strong picture of growth going forward' and forecast growth in dwelling investment to strengthen next financial year, while it expects household consumption to continue at a robust pace.  The CCI also projects business investment will increase by five per cent in 2013-14 on top of very healthy growth in recent years, while it expects growth in exports to expand by almost 10 per cent over the year.

The CCI report follows Monday's CommSec's State of the States report which ranked WA as the country's best performing economy.  Yesterday, Deloitte Access Economics released its Business Outlook, forecasting WA would be the strongest growing State or Territory economy this financial year.

"The recent reports highlight that the performance of WA's economy is head and shoulders above other States," Treasurer Troy Buswell said.

"Our recent growth and projections of future growth are the envy of any developed economy and coupled with the lowest unemployment rate in the country, it is no wonder we have an unprecedented rate of people moving to this great State.

"This State Government has spent the past four years making long-term sustainable decisions to grow the economy.  This does not come without its challenges of maintaining proper infrastructure like hospitals and schools, for all Western Australians.

"That is why it is more important than ever we get a fair slice of the GST pie, than our 45 cents in the dollar we will be getting from the Federal Labor Government starting on July 1."

          Fact File

• According to the CCI March quarter 2013 Outlook publication:

• Gross State Product rose 6.7% in 2011-12 and is forecast to rise by 6.5% in 2012-13 and 2013-14

• Household consumption is projected to increase by 5% in 2013-14, following growth of 5.75% in 2012-13

• Dwelling investment is expected to grow by 4% in 2012-13 and 8% in 2013-14

• Business investment is projected to grow by 5% in 2013-14, following growth of 15% in 2012-13

• Exports are projected to increase by 5% in 2012 13 and 9.75% in 2013-14

Treasurer's office - 6552 6400