Size of NSW economy
NSW is Australia's largest state economy
New South Wales (NSW) is Australia's largest state economy, with 33% of the nation's GDP in 2015–16. The next largest state, Victoria, with its capital, Melbourne, contributes 22%.
With a population of more than 7.7 million in 2015–16, 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 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