Report forecasts economic growth for WA

Western Australia is expected to outstrip the rest of the country in economic growth over the next year.

The State Government's latest economic report - 'The Western Australian Economy June 1992' - predicts the State's gross domestic product for 1992-93 will rise by at least 2.3 per cent, and as much as 4.8 per cent.

"That is well above the expected national figure which is still below zero and the clearest sign yet that WA is leading the nation to economic recovery," Premier Carmen Lawrence said today.

Dr Lawrence released the report which was prepared by economists at the Department of State Development.

The report said that in the past year State GDP had already risen from 1.5 per cent to 2.3 per cent - again well above the national average.

It also showed that, despite high unemployment levels, job numbers in WA rose in the past year.

Seasonally adjusted, the number of Western Australians employed at the end of April was 759,200 - 6,700 more than for the same period last year.

By comparison, the total number of those employed nationally was 7,672,300 - 55,000 fewer than in April 1991.

The report showed that, although private investment in the State ($3.8 billion) was lower than a year ago, WA was still leading the nation with its level of prospective investments.

Projects under construction, committed, or under consideration, were valued at $17 billion. About $5 billion of that was earmarked for manufacturing projects - mainly mineral processing. A further $10 billion was for mining and petroleum projects and $2.6 billion for power generation.

Copies of the report are available from the Government Media Office.