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)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)