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.
NSW has extensive links to international markets. In 2012-13, the state's exports of goods and services were valued at more than $62.7 billion on a balance of payments basis, representing 21% of national exports. Exports of goods and services grew by 3.4% in real terms in 2012-13, driven mainly by record high coal volumes.
Services exports accounted for one third of New South Wales exports, compared with 17% for Australia overall, reflecting the diversification and advanced nature of the state's export base, which is less reliant on resources than some other states.
|State/Territory||GSP ($ million)||GSP as % of Australian GDP|
|New South Wales||476,434||31.3|
|Australian Capital Territory||35,088||2.3|
Source: ABS Cat. No. 5220.0, State Accounts, 2012-13