Queensland leading economic revival

Queensland’s economic growth is outstripping the rest of Australia, with new figures showing the economy had the strongest growth in the nation over the year to the September quarter 2013.

“The Queensland economy grew by 4.1 per cent during this period, compared to 1.9 per cent for the rest of Australia over the same time,” said Queensland Treasurer, Tim Nicholls.

“Looking at figures for the September quarter, Queensland Gross State Product increased by one per cent in trend terms, double the growth of 0.5 per cent recorded by the rest of Australia.

“Queensland has now outperformed the rest of Australia for the past 10 quarters straight, showing the state’s position as the economic powerhouse of the nation.”

He said household consumption was driving growth, with Gross State Expenditure rising 0.3 per cent in the September 2013 quarter to be 1.3 per cent higher over the year.

“Export growth was also strong, with a 3.1 per cent increase in exports of goods and services overseas and interstate over the year to September 2013,” he said.

“What we’re seeing is business regaining confidence and committing to investing, employing and growing in Queensland.”

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