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ECONOMIC ACTIVITY

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GROSS STATE PRODUCT (GSP)

Tasmania's Gross State Product (GSP) reached $20,907 million in 2007-08, an increase of $686 million or 3.4% from the 2006-07 figure of $20,221 million. In 2007-08, household final consumption expenditure was the largest component of total GSP, contributing $12,668 million (60.6%). At the same time, government final consumption expenditure accounted for $4,662 million (22.3%) of GSP. State final demand in 2007-08 increased by 6.8% on the 2006-07 estimate of $20,942 million.

GROSS STATE PRODUCT, Tasmania (chain volume measures)

STATE FINAL DEMAND, Tasmania (chain volume measures)

CONSUMER PRICE INDEX (CPI)
In 2007-08 the all groups CPI in Hobart increased by 3.0% from 2006-07. Rises in financial and insurance services (6.7%), housing (5.4%), health (4.4%) and transportation (4.4%) were the main contributors to this change.

CONSUMER PRICE INDEX (all groups), Hobart

CONSUMER PRICE INDEX (selected groups), Hobart

HOUSE PRICE INDEX

Preliminary data showed the price index for established houses in Hobart in 2007-08 increased by 8.2% compared to 11.9% nationally. At the same time preliminary data for the price index for project homes in Hobart showed an increase of 5.3% compared to 4.9% nationally.

HOUSE PRICE INDEX (established homes), Hobart

HOUSE PRICE INDEX (project homes), Hobart

HOUSING FINANCE COMMITMENTS

The number of first home buyers' houses (owner occupied) financed in Tasmania in 2007-08 increased by 3.3% from 2,073 in 2006-07. At the same time non-first home buyers' dwellings (owner occupied) financed increased by 5.5% from 12,461 in 2006-07.

FIRST HOME BUYERS (Tasmania), Number of Dwellings Financed

NON-FIRST HOME BUYERS (Tasmania), Number of Dwellings Financed

INTERNATIONAL MERCHANDISE TRADE

In 2007-08 the value of Tasmanian goods exported overseas was $3,640.0 million, a decrease of 2.0% from 2006-07. At the same time, the value of goods imported directly into Tasmania was $691.5 million, which represented an increase of 12.6% from 2006-07.

In 2007-08 the major Tasmanian export destination was Japan, buying $726.4 million worth of Tasmanian goods or 15.9% more than in 2006-07. Tasmania's major source of imports in 2007-08 was China, dispatching goods worth $96.3 million to the Tasmanian market.

Zinc was the major single export commodity in 2007-08, contributing $744.8 million or 20.5% to total Tasmanian exports. Also in 2007-08, pulp and waste paper was the highest value imported commodity representing $77.5 million or 11.2% of total imports.

VALUE OF MERCHANDISE EXPORTS, Tasmania

VALUE OF MERCHANDISE IMPORTS, Tasmania

SOURCES

Australian Industry (ABS cat. no. 8155.0)

Australian National Accounts, State Accounts (ABS cat. no. 5220.0)

Consumer Price Index, Australia (ABS cat. no. 6401.0)

House Price Indexes, Eight Capital Cities (ABS cat. no. 6416.0)

Housing Finance, Australia (ABS cat. no. 5609.0)

Labour Price Index, Australia (ABS cat. no. 6345.0)

Lending Finance, Australia (ABS cat. no. 5671.0)

Private New Capital Expenditure and Expected Expenditure, Australia (ABS cat. no. 5625.0)