Economy
See also: Australian economy| Victorian production and workers by economic activities |
|||
|---|---|---|---|
| Economic sector |
GSP produced |
Number of workers |
Percentage of workers |
| Finance, insurance and property |
30.5% | 319,109 | 15.3% |
| Community, social and personal services |
16.6% | 562,783 | 27.4% |
| Manufacturing | 15.4% | 318,218 | 15.3% |
| Wholesale and retail trade |
12.1% | 423,328 | 20.3% |
| Transport, utilities and communications |
10.6% | 133,752 | 6.4% |
| Construction | 6.2% | 136,454 | 6.6% |
| Government | 4% | 62,253 | 3% |
| Agriculture | 3.3% | 72,639 | 3.5% |
| Mining | 1.3% | 4,472 | 0.2% |
| Other | – | 49,208 | 2% |
| Source: Australian Bureau of Statistics. Figures are for 2004–2005 | |||
The state of Victoria is the second largest economy in Australia after New South Wales, accounting for a quarter of the nation's gross domestic product. The total gross state product (GSP) at current prices for Victoria was at just over A$293 billion, with a GSP per capita of A$52,872. The economy grew by 2.0 per cent in 2010, less than the Australian average of 2.3 per cent.
Finance, insurance and property services form Victoria's largest income producing sector, while the community, social and personal services sector is the state's biggest employer. Despite the shift towards service industries, the troubled manufacturing sector remains Victoria's single largest employer and income producer. As a result of job losses in declining sectors such as manufacturing, Victoria has the highest unemployment rate in Australia as of September 2009.
Read more about this topic: Victoria (Australia)
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)