Australia's Largest Economy
NSW has the largest economy in Australia, valued at $320 billion in 2005-06 or about 33% of Australia's GDP. This is one third larger than that of the next State and Sydney alone accounts for almost one quarter of Australia's GDP.
The NSW economy is larger than each of the national economies of South Africa, Thailand, Malaysia, Colombia, the Philippines or Ukraine. despite them all having a substantially larger population than New South Wales.
NSW has a diversified and knowledge intensive economy. In Australia it accounts for:
- 46% of the Australia's finance and insurance industry
- 39% of the property and business services industry
- 50% of the film and television production industry
- 33% of the communications industry
- 33% of the manufacturing industry.
NSW has the largest manufacturing industry in Australia, contributing $31.4 billion in 2005-06 to the State's economy.
The NSW Government has triple-A credit ratings from both Moody's and Standard & Poor's.
NSW is home to more than 65% of all Asia Pacific regional headquarters located in Australia, which accounts to more than 600 companies.
About 600 contact centre companies operate 60,000 seats in NSW, 42% of the total for contact centres in Australia. Of all international multilingual contact centres in the Asia Pacific, 32% are in NSW.
Employment in the financial services industry in Sydney is now nearly half the size of London's and more than one-third the size of New York City's.
In Australia NSW is home to:
- 81% of Asia Pacific finance and insurance regional offices
- 80% of domestic and foreign bank headquarters
- 73% of property and business services regional offices
- 60% of manufacturing regional headquarters
- 76% of all information and communications technologies (ICT) regional headquarters
- 46% of information and communications technology (ICT) businesses
- 80% of multinational pharmaceutical companies in Australia and 70% of pharmaceutical companies with regional headquarters
- about 48% of the national market capitalisation of ASX listed biotechnology companies. These 41 companies have a market value of $11.65 billion.
Read more about this topic: Economy Of New South Wales
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