Size of NSW economy

NSW is Australia's largest state economy

New South Wales (NSW) is Australia's largest state economy, with 31% of the nation's GDP. The next largest state, Victoria, with its capital, Melbourne, contributes 22%.

With a population of more than 7.3 million, or close to one third of the Australian total, NSW has a large and growing domestic market. Per capita GSP, at almost $65,000, was the second highest of all states in 2012-13. In 2012-13, 33% of national household spending occurred in the state, totalling $277.5 billion.

Private business investment

Almost $58.0 billion worth of private business investment was recorded in the state in 2012-13, representing real growth of 8.7% over the previous year. NSW has recorded real average increases of 7.0% per annum in business investment in the 10 years to 2012-13.

International links

NSW has extensive links to international markets. In 2012-13, the state's exports of goods and services were valued at more than $62.7 billion on a balance of payments basis, representing 21% of national exports. Exports of goods and services grew by 3.4% in real terms in 2012-13, driven mainly by record high coal volumes.

Services exports

Services exports accounted for one third of New South Wales exports, compared with 17% for Australia overall, reflecting the diversification and advanced nature of the state's export base, which is less reliant on resources than some other states.

Gross State Product (GSP) at current prices - Australian States and Territories, 2012-13
State/Territory GSP ($ million) GSP as % of Australian GDP
New South Wales 476,434 31.3
Victoria 337,493 22.2
Queensland 290,158 19.1
Western Australia 242,697 16.0
South Australia 95,123 6.3
Australian Capital Territory 35,088 2.3
Tasmania 24,360 1.6
Northern Territory 20,113 1.3
Australia (GDP) 1,521,465 100.0

Source: ABS Cat. No. 5220.0, State Accounts, 2012-13