SA’s Economy

Riding a wave of economic opportunity

• SA's economic performance over the past eight years reveals why business confidence remains at solid levels:¹
o Employment up by 15% (99,300 more) and at a record high level²
o Business investment is 129% higher³
o Retail sales are 42% higher⁴
o Annual exports are 68% higher⁵

• The unemployment rate is 4.8%, remaining at near-record lows.⁶

• Major projects totalling $44.8 billion in value either underway or in the pipeline, many of them related to mining and defence.⁷

• South Australia enjoys a Triple A international credit rating awarded by Standard & Poor's.

• Global economic growth is expected to moderate but remain solid in 2008, with the International Monetary Fund forecasting growth of 3.7%.⁸

• The OECD’s latest Economic Outlook is predicting Australia’s economy to follow the global trend of moderating growth, with economic growth of 2.9% expected in 2008 and 2.7% forecasted for 2009.⁹

• The world has recognised the potential in South Australia for mining with the Fraser Institute in Canada ranking the State as the fourth most prospective place in the world out of 65 jurisdictions, up from 30th place a few years ago. 

• South Australia’s future growth is focussed on continuing to improve and promote our competitiveness, innovation and productivity to benefit from these strong economic conditions.

Current economic statistics

The Department of Trade and Economic Development provides a regular update of South Australia’s current economic performance.  The most current overview can be accessed here:

Economic Performance Update

The Australian Bureau of Statistics data provides a quarterly data release South Australian Statistics which provides an overview of a number of economic, social and environment statistics. Topics covered include demography, state accounts, consumption, investment, production, prices, labour force, incomes, housing finance, and environment. The overview is updated in March, June, September and December and in the intervening months the publication includes feature articles that provide a South Australian focus on economic, social and environmental issues.

South Australian Statistics

A short overview of South Australia's economic profile:

SA at a Glance

Footnotes

1. Survey of South Australian Business Expectations, March quarter 2008 by Business SA.

2. ABS Catalogue no. 6202.0.55.001 Table 7, May 2008.

3. ABS Catalogue no. 5220.0 Table 5, 2006-07.

4. ABS Catalogue no. 8501.0 Table 15, March quarter 2008.

5. ABS Catalogue no. 5368.0 Table 15a, May 2008.

6. ABS Catalogue no. 6202.0.55.001 Table 7, May 2008.

7. http://www.southaustralia.biz/Investing-in-SA/Major-Projects-Directory.aspx

8. IMF Economic and Financial Surveys, World Economic Outlook Database, April 2008 edition.

9. OECD Economic Outlook No. 83, June 2008.