Record growth for Western Australian economy

Treasurer Troy Buswell said the Western Australian economy continued to outperform the rest of Australia, with figures released today by the Australian Bureau of Statistics showing the State's economy grew by 6.

  • WA's economy grows record 6.7% in 2011-12

  • Highest rate of growth of any State

  • Almost double the national economy

  • GSP per capita $100,000 for first time, well above $64,725 national average

Treasurer Troy Buswell said the Western Australian economy continued to outperform the rest of Australia, with figures released today by the Australian Bureau of Statistics showing the State's economy grew by 6.7 per cent in 2011-12.

The national economy grew by 3.4 per cent during the same period.

WA's economic growth in 2011-12 is the highest on record, eclipsing the 6.3 per cent growth recorded in 1994-95.

It is also the highest rate of growth of all States, with Queensland next highest at 4.0 per cent.

"WA's domestic economy (excluding net exports) grew by a remarkable 13.5 per cent in 2011-12, underpinned by a 37.7 per cent increase in business investment," Mr Buswell said. 

"This was partly offset by a 28.5 per cent increase in merchandise imports, with merchandise exports increasing by 4.6 per cent. 

"In nominal terms, WA's economy (as measured by Gross State Product or GSP) was valued at $238.9billion, which equates to $100,127 per capita. 

"This is by far the highest of all States, and compares to the national average of $64,725."

      Fact File

  • Australian Bureau of Statistics annual State Accounts data reveals:

    • WA economy, as measured by GSP, grew by 6.7% in 2011 12

    • Major driver of economic growth was business investment, which increased by 37.7%; followed by household consumption, which grew by a healthy 5.9%

    • In nominal terms, WA's GSP per capita rose to $100,127 in 2011 12, exceeding $100,000 for first time 

Treasurer's office - 6552 6400