The Numbers Look Great

Whatever indicators you look at, the Northern Territory is set to grow. Driven by the urban centres of Darwin and Palmerston, the Territory will enjoy excellent economic growth in the coming years as the Territory’s population expands and results in increased private sector consumption.

Population grew by 2% in 2008 and the population of Darwin and Palmerston is predicted to grow 55% by 2030.

Average annual Territory Gross State Product (GSP) will increase of 2.2% in the next five years to 2013, well above Australian national average of 1.8%, and one of the highest in the country.

Private sector consumption, which measures the demand for goods and services, is forecast to grow annually by 3.6% – the highest growth rate in Australia.

Investment expenditure is forecast to remain well above long term trend levels over the next five years, picking up strongly in 2012-13, supported by strong population and consumption growth.

Major projects, such as the $23 billion INPEX gas project, will be a catalyst for development, driving economic and social growth.