Economy
See also: Australian economy| Victorian production and workers by economic activities |
|||
|---|---|---|---|
| Economic sector |
GSP produced |
Number of workers |
Percentage of workers |
| Finance, insurance and property |
30.5% | 319,109 | 15.3% |
| Community, social and personal services |
16.6% | 562,783 | 27.4% |
| Manufacturing | 15.4% | 318,218 | 15.3% |
| Wholesale and retail trade |
12.1% | 423,328 | 20.3% |
| Transport, utilities and communications |
10.6% | 133,752 | 6.4% |
| Construction | 6.2% | 136,454 | 6.6% |
| Government | 4% | 62,253 | 3% |
| Agriculture | 3.3% | 72,639 | 3.5% |
| Mining | 1.3% | 4,472 | 0.2% |
| Other | – | 49,208 | 2% |
| Source: Australian Bureau of Statistics. Figures are for 2004–2005 | |||
The state of Victoria is the second largest economy in Australia after New South Wales, accounting for a quarter of the nation's gross domestic product. The total gross state product (GSP) at current prices for Victoria was at just over A$293 billion, with a GSP per capita of A$52,872. The economy grew by 2.0 per cent in 2010, less than the Australian average of 2.3 per cent.
Finance, insurance and property services form Victoria's largest income producing sector, while the community, social and personal services sector is the state's biggest employer. Despite the shift towards service industries, the troubled manufacturing sector remains Victoria's single largest employer and income producer. As a result of job losses in declining sectors such as manufacturing, Victoria has the highest unemployment rate in Australia as of September 2009.
Read more about this topic: Victoria (Australia)
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)