Economy of New South Wales
The economy of New South Wales is the largest of any state in Australia, accounting for 30.6% of Australia's GDP and valuing at A$660.6 billion in 2021-22. The economy consists primarily of the services, mining and agricultural sectors, each of which represents a significant proportion of the overall Australian economy. Should New South Wales be considered a country, it would be the 37th largest economy in the world, above countries such as Denmark, South Africa, and New Zealand. Per Capita it places 19th, beating Germany, the UAE, The United Kingdom, and New Zealand.
The New South Wales economy, driven by its educated population, contributes significantly to Australia's knowledge-based economy. NSW has 46.1% of Australia's finance and insurance industry and is also home to 42% of Australia's top 500 companies, as well as containing the overall most registered companies out of all the states.
The Sydney Opera House and CBD at dusk from Jeffrey Street, Kirribilli, in December 2008 | |
| Currency | Australian Dollar (A$ or AUD) |
|---|---|
| 1 July - 30 June | |
| Statistics | |
GDP growth | 1.8% (2021/22) |
GDP per capita | A$81,612 (2021/22) |
| Unemployment | 3.6% (August 2023) |
Main industries | Services, mining, industrial and transportation equipment, food processing, chemicals, steel |
| External | |
| Exports | A$120.3 billion (2021/22) |
Export goods | Coal, Gold, Wheat, Aluminium, Refined Petroleum, Beef, Meat (Excl. Beef), Medical Instruments, Measuring & analysing instruments, Oil-seeds & oleaginous fruits (Soft). |
Main export partners | Japan 28.7% South Korea 9.1% Taiwan 7.8% China 5.9% United States 5% |
| Imports | A$187.1 billion (2021/22) |
Import goods | Telecom equipment & parts, Refined petroleum, Computers, Medicaments (incl veterinary), Goods vehicles |
Main import partners | China 29.7% United States 10.5% Japan 5.0% South Korea 4.7% Germany 4.5% |
All values, unless otherwise stated, are in US dollars. | |
