Australia’s economy ranks the 13th largest in the world right between Russia and Spain, but how do the states measure up? What if each of Australia’s states and territories was its own separate country?
The three largest state economies – New South Wales, Victoria and Queensland –would each rank in the world’s top fifty. Western Australia would be 56th and South Australia 72nd.
Ranking of Australian state and territory economies if they separate countries
|World rank||State||Gross Domestic Product (GDP) USD$b 2016/17||Comparable countries by size of economy|
|28||New South Wales||421.4||Thailand, Norway|
|42||Victoria||301.3||Singapore, Hong Kong|
|56||Western Australia||176.1||New Zealand, Qatar|
|72||South Australia||76.9||Shri Lanka, Oman|
|104||Australian Capital Territory||28.4||Paraguay, Zambia|
|115||Tasmania||21.6||Iceland, Papua New Guinea|
|119||Northern Territory||19.2||Afghanistan, Zimbabwe|
A sense of scale of each of these economies is valuable in where each state fits in the world context.
Note that for this assessment the state economies have been converted to US dollars at the average exchange rate for 2016/17, which was $0.7538.
Source: IMF National GDP figures 2016/17 ($US), ABS Gross State Product 2016/17 (AUD converted to $USD at $US0.7538)
MacroPlan’s experienced and qualified economists align their understanding of macro-economic forces with micro-economic variables such as geographic and industrial characteristics, demographics, labour market shifts, resource demand and commercial realities. Contact Stuart McKnight, General Manager – Western Australia, today to discuss your property research requirements.