Australia : Major NT projects boost bottom line.
Access Economics forecasts over the next five years the Territory will have the third highest average annual economic growth rate (3.7 per cent) behind Western Australia (4.4 per cent) and Queensland (4.1 per cent).
The Territory is also expected to experience the highest employment growth (3.5 per cent) and the lowest unemployment rate (3.4 per cent) in the country.
The economic growth forecast for the Territory is markedly up on the last financial year that the report revised upwards to 1 per cent, still the lowest growth in the country.
Access Economics blamed the economic slow down not on the global financial crisis but because major engineering and infrastructure projects were winding up in the Territory
Northern Territory Treasurer Delia Lawrie said our small economy experienced dramatic changes as major projects came and went.
"The Territory's economy was in-between major projects in 2009-10 with slowing private investment, which is why the Territory Government boosted public infrastructure spending to a record $1.3 billion that year to protect jobs across the construction sector."
Access Economics expects that economic growth in the Territory over the five years to 2013-14 will be primarily driven by strong growth in private construction investment and exports. Particularly the Inpex Ichthys project.
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|Date:||Jul 26, 2010|
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