Gallop: best economic growth figures in four years

3/9/02
Western Australia's strong economic growth is continuing with new figures revealing domestic growth of 6.6 per cent in 2001-02, the best result in four years.
Speaking in Karratha, Premier Geoff Gallop said the results exceeded Budget predictions of 6.25 per cent growth and bettered the national average of 4.9 per cent.
He said business investment, housing investment and household consumption had combined to power the WA economy.
"WA is in great shape but we are striving to do better. The Government is working towards lasting economic growth that provides long term jobs and new opportunities.
"In short, we're going for growth."
Dr Gallop said business investment grew by 17.5 per cent in 2001-02 - the second strongest growth in the nation.
Housing investment of 15.5 per cent exceeded Budget predictions of 12 per cent, and consumption grew by 4.2 per cent, higher than the Budget estimate of 3.75 per cent.
"The only State that has recorded better growth than WA is Tasmania, but their economy is less than a quarter of the size of ours," he said.
Premier's office: 9222 9475