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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).