GDP continues to fall in the Territory

The latest ABS GDP survey released today shows that the Northern Territory State final demand fell 6.3% in the December quarter.

Property Council NT Director Ruth Palmer said that this follows a 7.7% fall in the September quarter.

“This survey shows that private gross fixed capital fell -21.1% for the third consecutive quarter.

“This means domestic fixed investment has slowed in private residential dwellings, commercial and industrial buildings.“We foresee that this will remain weak in the short term and we may see an improvement in the medium to long term.

“This decrease was driven by a large fall of 18.0% in Non-dwelling construction.

"We have also seen a fall of 1.9% of Government final consumption expenditure.”

 

Media contact:  Ruth Palmer  |  M  0450 428 314  |   E  rpalmer@propertycouncil.com.au