Economic Overview

Last Updated on Tuesday, 19 February 2013 13:20

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The Western Australian economy is stable, vibrant and growing rapidly.

Western Australia has a huge natural endowment of mineral and energy resources and the State's economic strength is largely built on its mineral resource and oil and gas sectors. WA also has a strong agricultural sector and immense tourism potential.

WA produces over 50 different mineral and resource products in commercial quantities, most notably iron ore, crude oil & condensate, LNG, alumina, nickel, ilmenite, gold and salt.

We dominate the Australian mining and petroleum industry, accounting for 60 per cent of mineral production from Australia and 75 per cent of petroleum production.

WA's economy was valued at $239 billion in 2011-12. Our GSP grew by a record 6.7% during 2011-12 (compared to 3.5% across Australia), eclipsing the previous record of 6.4% set in 1994-95. Annual average over the last five years has averaged 4.6%.

Record investment levels pushed the value of the State's mineral and petroleum industry to a record A$106 billion in 2011-12. In September 2012 there was A$167 billion of resource projects under construction or committed in WA, and a further A$151 billion under consideration.

Business investment in WA increased 38% in real terms in 2011-12 to $68 billion.

The State's biggest markets are in Asia. WA is in the roughly the same time zone as China and most of South East Asia - and over half the world’s population. The State is eight hours ahead of GMT, making office hours contact with the UK and Europe possible. WA is a prime location for European businesses looking to explore the Australian or Asian markets, and it is Australia's gateway to Africa. Its well established relationships with these regions is an added benefit for those companies seeking a base to move into those markets.

With a well educated population, international education facilities, world class technology development facilities, good infrastructure and a government supportive of growth, the State has much to offer in trade and investment.

The Government of Western Australia is proactive in initiating and supporting Western Australian trade to international markets and in promoting inward investment to the State. As well as the London office, the Government has a network of offices throughout the world for this purpose.

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Key figures:

  • 4.3% unemployment rate (Jan 2013 - Access Economics)
  • Highest per capita gross state product (GSP) at A$100,127 in 2011/12, first time above $100,000, national average was  $A64,725 (Nov 2012 - ABS Report)
  • State economy valued at A$238.9  billion in 2011-12
  • 6.7% growth in real terms in 2011-12 - well ahead of national GDP which grew by 3.4% (Nov 2012 - ABS Report)
  • WA’s domestic economy (excluding net exports) grew 13.5 per cent in 2011-12 (Nov 2012- ABS Report)
  • Business investment grew by 37.7 per cent in 2011/12 (Nov 2012- ABS Report)
  • WA had 52% of Australia’s total value of resource projects under construction or committed in April 2012 (Oct 2012- DSD Economic Overview)
  • $1.82 billion was invested in mineral exploration in WA during 2011, representing 51% of investment across the nation (Oct 2012- WA Chamber of Minerals & Energy)
  • Business investment in WA grew 38% in nominal terms to $68 billion in 2011-12 -accounting for 28% of national business investment (Jan 2013 - DSD Economic Overview)

Please visit the Department of State Development website to view the latest WA monthly economic profile.

Economic data on WA can also be found on this Australian Bureau of Statistics page.