The Gross Regional Product (at Factor Cost) of the MITEZ Region was estimated at $6.7 billion in 2001-02, representing an increase of 6.3% from 2000-01. The MITEZ Regional Economy grew rapidly in the mid 1990s at a rate almost twice the Queensland average, before steadying between 2% and 6% in the latter part of the 90s and early part of this century.

Strong growth in the manufacturing (11.2%) and construction (19.6%) sectors was the primary driver of overall annual growth. Growth in retail trade (11.0%), transport & storage (11.3%) and health & community services (11.4%) also contributed strongly to overall growth, as did the education (10.8%) and property & business services (13.0%) industries.

In fact, only the electricity, gas & water services and government administration & defence sectors actually contracted in 2001-02.

Mining and manufacturing dominate economic activity in the MITEZ Region and together account for just over 30% of total Gross Regional Product (GRP). Other economically significant industries in the MITEZ Region include construction, government administration & defence and dwelling investment.

Over the past seven years, manufacturing, construction, property & business services and wholesale trade have increased in prominence in the region in terms of the proportion they contribute toward total GRP. Over the same period, mining, transport & storage, communications and cultural & recreational services have decreased in prominence. This is a reflection of the maturing of the MITEZ Regional Economy.

Note: GRP is at Factor Cost. All values are in current prices.

Source: AECeconomics