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Financial Indicators: Gross Regional Product
Gross Regional Product (GRP) (at Factor Cost) of the MITEZ Region was estimated at $13.4 billion in 2006-07, an increase of 8.1% from 2005-06. The MITEZ Regional Economy grew on average by 9.9% per annum over the five years since 2001-02, after a period of low yet steady growth during the late 1990s.
The primary drivers of GRP growth in 2006-07 were the Construction (20.9%), Property & Business Services (20.2%) and Transport and Storage (19.8%) sectors. Electricity, Gas & Water (15.2%), Health & Community services (14.2%) and Ownership of Dwellings (14.0%) sectors also contributed strongly to growth, as did the Finance & Insurance (13.7%) and Manufacturing (13.1%) sectors.
Agriculture (-20.1%), Cultural & Recreational Services (-7.5%) and Wholesale Trade (-2.0%) were the only sectors to contract in output over the same period.
The Mining sector dominates economic activity in the MITEZ region, contributing 25.5% of GRP in 2006-07. Together with Manufacturing (14.9%), these sectors account for over 40% of MITEZ GRP.
Over the past five years, the Mining sector has grown significantly in terms of contribution to MITEZ GRP, growing from 18.9% in 2001-02 to 25.5% in 2006-07. This considerable increase resulted in a relatively lower contribution towards GRP from the remaining sectors; however only Agriculture, Forestry and Fishing and Manufacturing recorded markedly lower contributions to GRP share over the same period. Notably, between 2001-02 and 2006-07 the Agriculture, Forestry and Fishing sector declined in both output and GRP share, indicative of the industrys declining significance in the MITEZ region.
Meanwhile, over the same period, each sector in the MITEZ Region (with the exception of Agriculture, Forestry and Fishing) increased its economic output, with Mining and Construction notable for doubling output. Additionally, the Electricity Gas & Water, Construction, Transport & Storage, Property & Business Services, Health & Community Services and Ownership of Dwellings sectors recorded increasing contributions to GRP. This recent growth is demonstrative of both the vitality of the MITEZ economy and its diversity as a mature regional economy.
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