The NT economy is forecast to continue growing in 2017-18 and 2018-19. These forecasts include the completion of the Inpex LNG Project and the subsequent impacts on economic growth rates. Deloittes noted subdued major projects in the forecasts years. It is expected the NT economy to be driven by international exports (LNG), private equipment investment, private housing investment and private consumption. Figure 1: NT Economic Outlook - Gross State Product 2000-01 to 2021/22 Source: Australian Bureau of Statistics 2016-17 & Deloitte Access Economics - Economic Growth Forecasts Mar Qtr 2018 f = forecast Figure 2: Agricultural and Fishing Areas in the Northern Territory NT Primary Industries and Resources An Overview – The industries and fisheries in the Territory include cattle (interstate and live export), other livestock (buffalo, crocodiles, and goats), horticulture (fruit, vegetables, nursery and cut flowers, and turf) and mixed farming (hay and forestry). The fisheries industry comprises harvesting of wild catch (including the Northern Prawn Fleet) and aquaculture. A substantial recreational fishing sector generates tourism activity and provides lifestyle amenity. The relative contribution of each industry to the rural and fisheries sector total is illustrated in Figure 3, with the cattle, horticulture industries and fisheries being the major sector players. Figure 3: Contribution of Industry to Sector Production Value 2016-17 Source: Department of Primary Industry and Resources data collections The rural industries and fisheries have significant links to other sectors of the Territory economy such as manufacturing, transport and storage, retail and wholesale trade. These industries are vital in regional areas, providing economic stimulus and full-time/part-time employment for on average approximately 1,899 people in 2016-17 (ABS). This represents 4.1% of estimated workforce in the NT. This labour force estimate is subject to a sampling variability and results can be volatile. They also account for a significant proportion of the Territory's non-mineral export revenue. Territory rural industries and fisheries accounted for 2.7% of Gross State Product (GSP) in 2016-17, just below the national proportion 2.8% (Table 2). Exports of Territory rural and fisheries produce are dominated by live cattle exports (mainly to Indonesia), fisheries, horticulture, and to a lesser extent agriculture services.
The NT economy is forecast to continue growing in 2017-18 and 2018-19. These forecasts include the completion of the Inpex LNG Project and the subsequent impacts on economic growth rates. Deloittes noted subdued major projects in the forecasts years. It is expected the NT economy to be driven by international exports (LNG), private equipment investment, private housing investment and private consumption. Figure 1: NT Economic Outlook - Gross State Product 2000-01 to 2021/22 Source: Australian Bureau of Statistics 2016-17 & Deloitte Access Economics - Economic Growth Forecasts Mar Qtr 2018 f = forecast Figure 2: Agricultural and Fishing Areas in the Northern Territory NT Primary Industries and Resources – An Overview The industries and fisheries in the Territory include cattle (interstate and live export), other livestock (buffalo, crocodiles, and goats), horticulture (fruit, vegetables, nursery and cut flowers, and turf) and mixed farming (hay and forestry). The fisheries industry comprises harvesting of wild catch (including the Northern Prawn Fleet) and aquaculture. A substantial recreational fishing sector generates tourism activity and provides lifestyle amenity. The relative contribution of each industry to the rural and fisheries sector total is illustrated in Figure 3, with the cattle, horticulture industries and fisheries being the major sector players. Figure 3: Contribution of Industry to Sector Production Value 2016-17 Source: Department of Primary Industry and Resources data collections The rural industries and fisheries have significant links to other sectors of the Territory economy such as manufacturing, transport and storage, retail and wholesale trade. These industries are vital in regional areas, providing economic stimulus and full-time/part-time employment for on average approximately 1,899 people in 2016-17 (ABS). This represents 4.1% of estimated workforce in the NT. This labour force estimate is subject to a sampling variability and results can be volatile. They also account for a significant proportion of the Territory's non-mineral export revenue. Territory rural industries and fisheries accounted for 2.7% of Gross State Product (GSP) in 2016-17, just below the national proportion 2.8% (Table 2). Exports of Territory rural and fisheries produce are dominated by live cattle exports (mainly to Indonesia), fisheries, horticulture, and to a lesser extent agriculture services.
Outlook-Overview-2017.docx