Today the ABS released statistics for the June 2021 quarter for the Australian economy. The WA economy for June 2021 grew by 1.2%.
Western Australia’s State Final Demand – a GDP equivalent – increased by 1.2% for the quarter. This comes after in the March 2021 quarter, WA grew by a massive 3%.
Today’s numbers reveal a fantastic first half of the year for WA.
That means for the first half of 2021, the WA economy grew by 4.2%, which would be the equivalent to a massive annualised growth rate of 8.4%.
Victoria and NSW are both equal second place for the States behind WA for economic growth in the first half of the year, with both recording 3.7% growth for the combined March and June quarters – compared to WA growing 4.2%.
The growth for the June quarter in WA was driven by an increase in household consumption. The June quarter saw a 1.9% increase in household consumption.
The quarter also saw an increase in public capital formation which included a 14% increase in state and local government funding for new road commencement, as well as an 12.9% increase in state and local non-financial corporations due to ongoing work on rail infrastructure, according to the ABS website.
Nationally, compared with last June, Australian GDP rose by 1.4%.
The WA economy for the June 2021 quarter shows continued positive conditions for WA businesses.