The Northern Territory economy is markedly different from other Australian jurisdictions. It has an abundance of natural resources, a large public sector and a significant defence presence. The importance of mining and mining-related production will grow as production reaches full capacity following the completion of major infrastructure projects.
A large mining and energy industry means the economy is capable of strong growth as resources are developed. This is balanced by the government and the Defence industry—the largest employers in the Northern Territory.
- The Northern Territory’s 10-year (1999-00 to 2009-10) annual average GSP growth is 4.4%.
- In 2009-10, the value of the Territory’s GSP (inflation adjusted) increased by 1.3% to $16.9 billion.
- The NT GSP accounts for 1.31% of Australia’s Gross Domestic Product (GDP).
- Growth in the Northern Territory economy is underpinned by the extraction of minerals and energy resources (for example, bauxite, manganese, zinc, crude oil and natural gas), the manufacture of alumna and liquefied natural gas (LNG), and provision of retail, tourism and government services.
- The major industry contributions to NT GSP include:
$4.2 billion - 25% of GSP
- Public Administration and Safety
$1.6 billion - 9.5% of GSP
$1.5 billion - 8.6% of GSP
$1.0 billion - 5.9% of GSP
- Retail and Wholesale Trade
$746 million - 4.4% of GSP
- These five industry sectors together make up 53.4% of the total of industry sector contributions to the Territory’s GSP. The combined value of their contribution to the NT economy is over $9 billion.
- Growth for the NT in 2010-11 to estimated to strengthen to 2.2%. Growth will be driven by consumption and public investment.
Source: ABS Cat No. 5220.0 and 2011-12 NT Budget.
For additional NT Economic Data see the Northern Territory Key Statistics.
Content current at 27 May 2011.