Resources sector still drives WA boom

THE West Australian resources boom shows no sign of abating and gross state product (GSP) will grow by almost 5% this year, according to the WA Chamber of Commerce and Industry (CCI).
Resources sector still drives WA boom 
Resources sector still drives WA boom 
Resources sector still drives WA boom 
Resources sector still drives WA boom 
Resources sector still drives WA boom

Being a major energy exporter, WA has benefited from the surging price of oil as well as the general resources boom.

In the September edition of its Economic Compass report, the CCI said strong export growth could be expected to continue through 2004-5 and 2005-6.

GSP grew by 8% in 2003-4 – the second highest growth figure on record. This year’s figure was predicted to be 4.75% and 4.5% has been forecast for next year.

Strong export growth is expected to continue with a 7.5 per cent increase in net exports in 2004-5 and an increase of 7.25% in 2005-6. WA’s unemployment rate has remained at a record low of 4.8% for the second month running.

The CCI has predicted that state growth will exceed the growth of the national economy for the next two years. Australia’s GDP is expected to grow by 3% this year and 3.75% in 2005-6.

WA Treasurer Eric Ripper has welcomed Moody's Investor Services’ confirmation that Western Australia has kept its triple A rating.

“The assessment follows on from the strong financial outcome for 2003-04 and a record low level of net debt,” Mr Ripper said.

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