Economic performance

Economy

Economic performance

The strength of the ACT economy and our community’s wellbeing are intertwined, with people’s wellbeing likely to improve as the broader economic conditions strengthen. This indicator measures gross state product and labour productivity in the ACT.

The Wellbeing Data Dashboard is intended to measure wellbeing progress over time, with updates made every two years.

ACT Treasury publishes the latest key economic indicators at Economic Indicators for the ACT.

Labour productivity

This measure shows the annual change in the amount of real gross state product produced by an hour of labour in the ACT.

Growth in labour productivity is important because it creates the possibility of higher living standards.

Labour productivity in the ACT grew 7% in 2021-22, the highest of any state or territory. Growth in labour productivity has averaged almost 4% over the past five years. It is a key driver of economic growth in the ACT.

Over time, labour productivity has improved.

ABS Estimates of Industry Multifactor Productivity (previously ABS Cat no. 5260.0.55.002), Table 36.

Line graph of labour productivity in the ACT, by financial year from 2012-13 to 2021-22. In 2021-22, labour productivity grew 7% compared to 0.5% growth in 2020-21.

Real gross state product (GSP) growth

This measure shows the annual change in economic activity in the ACT (after accounting for inflation).

It helps us to understand the ACT economy’s performance by measuring the economic activity across sectors within the Territory. This is important because the performance of our economy and our community’s wellbeing are intertwined.

Real GSP in the ACT grew by 1.9% in 2021-22, after strong growth between 2016-17 and 2020-21.

Weaker growth in 2021-22 was largely due to the impact on household spending from the COVID-19 health emergency.

The ACT economy remained resilient through the pandemic and avoided the downturn that was observed nationally.

Over time, growth in the ACT economy has remained largely stable.

ABS, Australian National Accounts: State Accounts (previously ABS Cat no. 5220.0), Table 1.

Line graph of annual change in economic activity in the ACT, by financial year from 2012-13 to 2021-22. In 2021-22, real gross state product grew by 1.9% compared to 3.9% in 2020-21.

Inflation is accounted for through a price reference from a particular financial year, which was 2020-21 for the latest release.