Queensland narrowly avoids negative economic growth

Friday 20 November, 2015 | By: Default Admin | Tags: State Accounts, ABS, recession

The Chamber of Commerce and Industry Queensland (CCIQ) has “breathed a sigh of relief” with latest Australian Bureau of Statistics’ State Account data confirming marginal, but positive growth for the Queensland economy in 2014-15.

CCIQ Director of Advocacy Nick Behrens said the ABS figures showed the Queensland economy grew by just 0.5 per cent during 2014-15.

“This is broadly consistent with messaging from our Queensland small businesses that it was an extremely difficult trading environment in 2014-15,” he said.

“The economic growth recorded in 2014-15 avoids claims that the Queensland economy experienced a technical recession – but only narrowly.”

Mr Behrens said the Queensland economic growth rate was well below recent years and the decade average of 3.1 per cent.

“The Queensland growth rate is also significantly below the national growth for the same period of 2.3 per cent and was the lowest of all states,” he said.

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“All in all, the data out today confirms that the Queensland economy remains weak.”

Mr Behrens said economic growth in 2014-15 predominantly came from household and public consumption expenditure and exports.

“Fortunately, Queensland’s economic growth is forecast to increase to 4.5 per cent in 2015-16 on the back of LNG exports,” he said.

“Queensland small business confidence remains fragile with difficult business conditions reflected by sales that are only now starting to pick up, and profitability well below where it needs to be.

“The State Account data reinforces the need for the Queensland Government to prioritise the need for economic growth in all of its policies.”

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