Newspaper article The Observer (Gladstone, Australia)

Gladdy growING Growth Picks Up Pace; Analyst Says Data Shows the 'Mining Hangover' Is Wearing Off

Newspaper article The Observer (Gladstone, Australia)

Gladdy growING Growth Picks Up Pace; Analyst Says Data Shows the 'Mining Hangover' Is Wearing Off

Article excerpt

Byline: Tegan Annett tegan.annett@gladstoneobserver.com.au

A REPORT has found Gladstone had the highest economic growth in the state in 2017-18.

Research by SGS Economics and Planning found Gladstone's Gross Domestic Product growth was 5.8 per cent in 2017-18, growing at a faster rate than Brisbane.

The report, released earlier this month found Gladstone was not the only region outpacing the state's capital, with Cairns, Rockhampton Mackay and Townsville recording higher growth than Brisbane's 3.3 per cent.

The GDP growth is measured using data from the Australian Bureau of Statistics, commodity exports and retail spending.

National leader of economic and social analysis Terry Rawnsley said the data showed the regions were cured of the "mining hangover".

"The past five years there have been some pretty tough times up and down the coast because of the hangover from the mining boom," Mr Rawnsley said.

"But this year we had some really good figures ... it showed those centres have come out of the mining hangover."

Mr Rawnsley said it took about 12 months for regions with a high GDP to reap the rewards.

"Usually there is about a year's lag between a strong GDP and changes starting to happen," he said. …

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