Services account for 86% of the value of New South Wales' (NSW) industry output, highlighting the strength of the state's knowledge-based business services, ICT and creative industries.
The state dominates the nation's financial and insurance services, professional, scientific and technical services, and information media and telecommunications industries, as well as the tourism-related accommodation and food services, and arts and recreation services industries.
With the exception of the construction industry, all NSW services industries are the largest in Australia.
Financial and insurance services is the state's largest industry, accounting for a 12% share of the New South Wales economy in 2012-13. Concentrated in Sydney, Australia's business and finance capital, this industry has increased its share of GSP by more than four percentage points over the last 20 years.
Demonstrating its economic diversity, NSW contributes the largest state share of national output not only in services (33%) but also in manufacturing (34%).
NSW has particular strengths in food product manufacturing, primary metal and metal product manufacturing, and machinery and equipment manufacturing.
In 2012-13, financial and insurance services, health care and social assistance, professional, scientific and technical services, and mining made the strongest industry contributions to NSW's economic growth.
The financial and insurance services industry continues to recover from the effects of the global financial crisis, supported by low interest rates and improving conditions in a number of advanced economies.
|Sector/industry2||NSW ($ million)||% share of NSW GSP||Australia ($ million)||% share of Aust. GDP||NSW as % of Australia|
|Agriculture, forestry and fishing||7,405||1.6||34,190||2.2||21.7|
|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|
|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|
|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|
|Arts and recreation services||4,740||1.0||12,199||0.8||38.9|
|Ownership of dwellings||44,843||9.4||126,631||8.3||35.4|
|Gross value added at basic prices||441,678||92.7||1,423,181||93.5||31.0|
|Gross state product4 (GDP for Australia)||476,434||100.0||1,521,465||100.0||31.3|
- 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
- Industries classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006
- The Australian Bureau of Statistics classifies the construction and electricity, gas, water and waste services industries as 'goods producing' industries, however, both include substantial service components
- 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.
Source: ABS Cat. No. 5220.0, State Accounts, 2012-13