Agriculture and the economy
The contribution of agriculture to the Northern Territory economy can be measured in a number of ways. The most direct measurement available is the gross value of agricultural production, which is the value placed on recorded production at wholesale prices realised in the market place. In 2003-04, the gross value of agricultural production for the Northern Territory was $293.6 million.
Other measures of the contribution of agriculture to the economy include:
- gross farm product (GFP), which is a measure of the value added in production by farm businesses. In 2003-04, the GFP for the Northern Territory was $261 million, or 2.8% of gross state product;
- the value of exports of agricultural commodities from the Northern Territory (i.e. export products sourced from the agriculture industry), which was $131.5 million in 2004-05.
GROSS FARM PRODUCT, Northern Territory
|
 | 1999-2000 | 2000-01 | 2001-02 | 2002-03 | 2003-04 |
|
| Gross Farm Product (GFP) ($m) | 198 | 236 | r320 | r216 | 261 |
| Gross State Product (GSP) ($m)r | 7,492 | 8,817 | 8,876 | 9,173 | 9,494 |
| GFP as % of GSP | 2.6 | 2.7 | 3.6 | 2.4 | 2.8 |
|
r revised since previous issue
Source: Australian National Accounts: State Accounts (cat. no. 5220.0).
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