The contribution of various industries to the Tasmanian economy can be assessed in terms of their contribution to Gross State Product (GSP). GSP is the total market value of goods and services produced in Tasmania within a given period after deducting the cost of goods and services used up in the process of production, but before deducting allowances for the consumption of fixed capital.
In 2003-04, major industries in terms of contribution to GSP, based on factor incomes (i.e. the sum of compensation of employees, gross operating surplus and gross mixed income) were Manufacturing (13.7%), Health and community services (9.0%), Retail trade (6.7%), and Construction (6.5%) and Finance and insurance (6.5%).
Compensation of employees includes wages and salaries, employer contributions to pension and superannuation funds, and premiums paid by employers to workers' compensation schemes. In 2003-04, some 14.7% of Tasmania's compensation of employees was in Health and community services, 13.4% was in Manufacturing and 10.5% was in Government administration and defence.
Gross operating surplus and gross mixed income is defined as gross value added minus compensation of employees, minus taxes on production and imports payable plus subsidies receivable. In 2003-04, some 14.1% of Tasmania's gross operating surplus and gross mixed income was in Manufacturing, 9.9% was in Electricity, gas and water supply, 9.0% was in Construction and 8.6% was in Agriculture, forestry and fishing.
TOTAL FACTOR INCOME BY INDUSTRY AND PRINCIPAL COMPONENTS, Tasmania - 2003-04
|
| Compensation of employees
| | Gross operating surplus and gross mixed income
| | Total factor income
|
Industry | $m | % of Tas.
total | | $m | % of Tas.
total | | $m | % of Tas.
total |
|
Agriculture, forestry and fishing | 207 | 3.0 | | 524 | 8.6 | | 731 | 5.7 |
Mining | 121 | 1.8 | | 49 | 0.8 | | 170 | 1.3 |
Manufacturing | 913 | 13.4 | | 860 | 14.1 | | 1,773 | 13.7 |
Electricity, gas and water supply | 142 | 2.1 | | 604 | 9.9 | | 746 | 5.8 |
Construction | 287 | 4.2 | | 549 | 9.0 | | 836 | 6.5 |
Wholesale trade | 341 | 5.0 | | 185 | 3.0 | | 526 | 4.1 |
Retail trade | 560 | 8.2 | | 306 | 5.0 | | 866 | 6.7 |
Accommodation, cafes and restaurants | 250 | 3.7 | | 101 | 1.7 | | 351 | 2.7 |
Transport and storage | 379 | 5.5 | | 295 | 4.8 | | 674 | 5.2 |
Communication services | 154 | 2.3 | | 173 | 2.8 | | 327 | 2.5 |
Finance and insurance | 371 | 5.4 | | 471 | 7.7 | | 842 | 6.5 |
Property and business services | 397 | 5.8 | | 301 | 4.9 | | 698 | 5.4 |
Government administration and defence | 717 | 10.5 | | .. | .. | | 717 | 5.6 |
Education | 647 | 9.5 | | 17 | 0.3 | | 664 | 5.1 |
Health and community services | 1,001 | 14.7 | | 157 | 2.6 | | 1,158 | 9.0 |
Cultural and recreational services | 101 | 1.5 | | 79 | 1.3 | | 180 | 1.4 |
Personal and other services | 241 | 3.5 | | 64 | 1.1 | | 305 | 2.4 |
Ownership of dwellings | .. | .. | | 992 | 16.3 | | 992 | 7.7 |
General government | .. | .. | | 358 | 5.9 | | 358 | 2.8 |
All industries | 6,829 | 100.0 | | 6,085 | 100.0 | | 12,914 | 100.0 |
.. not applicable
Source: Australian National Accounts: State Accounts (cat. no. 5220.0). |