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Victoria Continues to Lead Despite Economic Headwinds

Victoria remained to be the best performing economy in Australia.

By Portal Admin - 4th February 2020 - Back to News

Economic growth, retail spending and a huge pipeline of construction work have made Victoria the best performing economy in Australia, despite national and global economic headwinds.

The latest CommSec State of the States report shows Victoria is bucking the trend of a lagging national growth and a weaker national and global financial outlook.

Victoria leads the nation on four of the eight key indicators, ranking first on economic growth, retail trade, equipment investment and construction work done. It’s the seventh quarter in a row Victoria has topped the report.

The report reveals:

• Economic activity in the September quarter was 27 per cent above its decade-average level of growth, ahead of New South Wales.
• Low unemployment and a rebounding property market saw retail spending creep 14.9 per cent above the decade average in Victoria.
• Victorian businesses investing in equipment such as plant and machinery was 10.2 per cent higher than the decade average.
• Victoria blitzed the nation on construction work, 26.2 per cent above its decade average.

Source: http://gippsland.com/

Published by: support@gippsland.com

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