Gold Coast, Queensland - Economy

Economy

In fifty years, Gold Coast City has grown from a small beachside holiday destination to Australia's sixth largest city. Situated within South East Queensland’s growth corridor, the city is now considered Australia’s fastest growing large city, with a 5-year annual average population growth rate of 3.4%, compared to 1.2% for Australia. Gross Regional Product has risen from A$9.7 billion in 2001, to A$15.6 billion in 2008, a rise of 61 percent. Tourism remains fundamental to Gold Coast City’s economy, with almost 10 million visitors a year to the area. In the past the economy was driven by the population derived industries of construction, tourism and retail. Some diversification has taken place, with the city now having an industrial base formed of marine, education, information communication and technology, food, tourism, creative, environment and sports industries. These nine industries have been identified as the key industries by the Gold Coast City Council to deliver the city’s economic prosperity. Gold Coast City’s unemployment rate (5.6 per cent) is below the national level (5.9 per cent).