Economic rebound continues according to latest ABS figures


ABS data released today has again confirmed Tasmanians are getting out and about and supporting their local businesses as we continue to recover from the COVID-19 pandemic.

Retail trade grew one per cent in January in seasonally adjusted terms, the second equal highest growth in the country, and double the growth seen nationally.

This means retail trade is now 9.3 per cent higher compared to January last year, reflecting the strength and confidence in our rebounding economy.

Pleasingly, the strong growth was underpinned by a 9.7 per cent increase in spend in cafes, restaurants and catering services, providing a welcome boost to hospitality sectors that were hit hard by the pandemic last year.

Our merchandise exports also continue to rebound strongly with $3.66 billion exported in the 12 months to January, which is 0.8 per cent more than the previous 12 months.

This follows strong growth in State Final Demand data released yesterday, which saw our economy grow by 3.3 per cent – the second strongest rate of any state, on the back of state-leading private investment growth in construction equipment and housing. State Final Demand is now 1.5 per cent higher than the December 2019 quarter, before the pandemic took hold.

While these results are positive, we know there is more to do, and we will continue to implement our plan to help businesses recover and grow as we rebuild a stronger Tasmania.