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Victorian economy at a glance

Victoria is a mid-sized economy that is larger than Singapore, New Zealand and  most of South East Asia. The Victorian state economy has experienced strong growth over the last decade, increasing by an average of 2.4% annually over the ten years to June 2014. This is well above the International Monetary Fund figure of 1.4% average annual growth for developed countries over this same period.

Victoria accounts for 3% of Australia's land mass and 22% of Australia's total Gross Domestic Product (GDP). Around 2.9 million people are employed within Victoria, which is 25.2% of all employed workers within Australia.  The Victorian economy is a significant exporter of goods and services and was responsible for A$13.4 billion or over 23% of Australia's export of services in 2013-14. In total, our state economy generated A$350.3 billion in Gross State Product (GSP) in 2013-14.

Victoria has 4.3 million people or  24.9% of Australia's population. The state economy will continue to benefit from on-going population growth. The  Australian Bureau of Statistics forecasts Victoria's population to reach between 6.8 million and 7.2 million people by 2025. Melbourne is predicted to be Australia's largest city as early as 2030.

Economic Indicators

Victorian economy at a glance1

Indicator

Measure

Date

VIC

VIC

% of Australia

NSW

NSW

% of Australia

QLD

QLD

% of Australia

Australia

Gross state product (GSP)

A$ (bn)

2013-14

350.3

22.1

492.5

31.1

296.3

18.7

1,558.4 (GDP)

GSP annual growth rate

%

2013-14

1.7

-

2.1

-

2.3

-

2.5 (GDP)

GSP av. annual growth rate

%

2005-14

2.4

-

2.0

-

3.5

-

2.8 (GDP)

Land mass

km2
(million)


0.23

3.0

0.8

10.4

1.7

22.5

7.7

Population

million

Jun-14

5.8

24.9

7.5

32.0

4.7

20.1

23.5

Population growth

% (YoY)

Jun-2014

1.9

-

1.5

-

1.5

-

1.6

Population density

per/km2

Jun-13

25.0

-

9.3

-

2.7

-

3.0

Employment
(seasonally adjusted)2

million

Feb-15

2.9

25.2

3.6

31.0

2.3

20.0

11.7

Unemployment rate (seasonally adjusted)2

%

Feb-15

6.0

-

6.3

-

6.5

-

6.4

Capital City Inflation rate (CPI)

annual % change

Dec-14

1.4

-

1.7

-

2.0

-

1.7

Exports (goods)

A$ (billion)

2013-14

24.0

8.8

36.6

13.4

44.9

16.4

272.9

Exports (services)

A$ (billion)

2013-14

13.4

23.3

23.3

40.6

9.6

16.8

57.4


Sources:

  1. Australian Bureau of Statistics, Cat Nos. 6291.0.55.003, 5220.0, 3101.0, 3218.0, 5368.0,  6401.0, 6202.0 and  Department of Foreign Affairs and Trade, Fact Sheet Victoria
  2. Most recent available from ABS as at 16.03.2015