Industries

Industries of NSW

New South Wales (NSW) has a prosperous, growing and economically diverse industry base. It is one of Australia's economic powerhouses, primarily driven by thriving service industries.

NSW's economic diversity

Services comprise more than 86 per cent of the value of NSW's industry output and the state accounts for 33 per cent of Australia's services output. In 2012–13, specific service sectors made the strongest industry contributions to the state's economic growth, including:

  • financial and insurance services
  • health care and social assistance
  • professional, scientific and technical services.

Manufacturing

Industry metal work

With the largest manufacturing industry in Australia, NSW accounts for 34 per cent of the country's national output. The state houses prosperous manufacturing sectors such as:

  • food products
  • metal products
  • primary metals, and
  • machinery and equipment
  • in addition to other growing areas.

NSW's medicinal and pharmaceutical exports are Australia's largest and generated A$1.1 billion in 2012-13.

Regional NSW

Regional NSW's industry has expanded from its traditional agribusiness, manufacturing and mining origins to embrace a diverse range of high-growth areas which include:

  • aquaculture
  • biotechnology
  • communications
  • renewable energy and
  • viticulture.

Financial and insurance services

Financial and insurance services accounted for 12 per cent of the NSW economy in 2012–13.

This industry is concentrated in Sydney, Australia's business and finance capital, and has increased its share of gross state product by more than 4 percentage points over the last 20 years.

Australia's financial and insurance services sector continues to make a strong recovery from the effects of the global financial crisis. Low interest rates and improving conditions in a number of advanced economies have led to a marked improvement in NSW's financial and insurance services industry, as well as in related sectors.

Industry Structure1 - New South Wales and Australia, 2012-13
Sector/industry2 NSW ($ million) % share of NSW GSP Australia ($ million) % share of Aust. GDP NSW as % of Australia
Primary:20,1694.2156,21810.312.9
   Agriculture,    forestry and fishing 7,405 1.6 34,190 2.2 21.7
   Mining 12,764 2.7 122,028 8.0 10.5
Manufacturing34,6837.3101,4276.734.2
Services3:341,98371.81,038,90568.332.9
   Financial and    insurance services 56,962 12.0 123,695 8.1 46.1
   Professional,    scientific and    technical services 35,717 7.5 103,191 6.8 34.6
   Health care and    social assistance 29,563 6.2 97,760 6.4 30.2
   Construction 24,401 5.1 117,588 7.7 20.8
   Public    administration and    safety 23,229 4.9 79,576 5.2 29.2
   Transport, postal    and warehousing 22,415 4.7 73,546 4.8 30.5
   Education and    training 22,037 4.6 69,935 4.6 31.5
   Retail trade 20,475 4.3 69,182 4.5 29.6
   Wholesale trade 20,443 4.3 61,815 4.1 33.1
   Information media    and    telecommunications 18,834 4.0 42,168 2.8 44.7
   Administrative and    support services 15,658 3.3 43,801 2.9 35.7
   Rental, hiring and    real estate services 13,282 2.8 38,156 2.5 34.8
   Electricity, gas,    water and waste    services 12,742 2.7 44,531 2.9 28.6
   Accommodation    and food services 12,671 2.7 34,779 2.3 36.4
   Other services 8,814 1.8 26,983 1.8 32.7
   Arts and recreation    services 4,740 1.0 12,199 0.8 38.9
Sub-total396,83583.31,296,55085.230.6
   Ownership of    dwellings 44,843 9.4 126,631 8.3 35.4
Gross value added at basic prices441,67892.71,423,18193.531.0
Gross state product4 (GDP for Australia)476,434100.01,521,465100.031.3

Source: Australian Bureau of Statistics, State Accounts, 2012–13, cat. no. 5220.0, ABS, Canberra.

Footnotes:

  1. Measured as industry gross value added at current prices, which represents the value of output at basic prices (excluding taxes and subsidies) less the value of intermediate consumption at purchasers' prices.
  2. Industries classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006.
  3. The Australian Bureau of Statistics (ABS) classifies the construction and electricity, gas, water and waste services industries as 'goods-producing' industries; however, both include substantial service components.
  4. Gross state product is equal to 'gross value added at basic prices' plus 'taxes less subsidies on products' plus 'statistical discrepancy', which are not shown.