Koutsantonis says data from the ABS shows GSP grew by 1.9 per cent in 2015-16 to reach $101.1 billion, thanks to a growth in exports (up 55 per cent), real estate services, mining, construction and household consumption.
The Treasurer said the growth exceeded the predictions of independent forecasters including the South Australian Centre for Economic Studies (which predicted 1.5 per cent growth) Deloitte Access Economics (1.5 per cent), NAB (1.8 per cent) and ANZ (1.7 per cent).
He said that on a per capita basis, South Australia was only behind NSW and Victoria in the strength of GSP growth.
“This significant milestone for our state comes off the back of an economy that is performing better than anyone expected,” Koutsantonis said.
“What we are seeing here is a trend emerging where data from the ABS and key economic reports are all pointing to improving conditions in the South Australian economy and signs that businesses are starting to feel confident enough to grow and employ more people.”
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