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WA economy grows by 3% in March 2021 quarter

More fantastic news comes in for the WA economy.

The ABS has released economic data for the March quarter 2021.

The great news for WA is that State Final Demand grew by 3% for the quarter, which was the highest in the country.

This is a staggering 12% growth rate annualised. It was double the 1.5% growth rate WA recorded in the December quarter.

The next best State was Victoria, which grew 2.3% in the quarter.

The Australian average was 1.6%, which means that WA almost doubled the already high national average.

Other good news was Australia has now fully recovered economically from the pandemic. Economic activity has increased by 0.8% since December 2019, prior to the pandemic.

WA had incredibly high growth in private fixed capital formation. WA grew a staggering 10.8% for the quarter in private fixed capital formation, the highest of any state.

This 10.8% growth was fueled by a 21.5% increase in machinery and equipment investment, which indicated an uptick in mining as well as small business.

Further, there was a 6.8% increase in non-dwelling construction. This was attributed to investments made by mining businesses.

The WA economy is clearly in a boom part of the cycle at the present time.

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