Monday, April 25, 2011

Experimental Estimates of Gross Regional Product

Kitchenslut admits to some weird habits, and that many would be confused that holiday reading could include Experimental Estimates of Gross Regional Product. This study from the Office of Economic and Statistical Research, within Qld Treasury, is a bit dated being based on data to FY2006/2006. However it offers some interesting information.

It was published in 2008 with estimates of  Gross Value Added (GVA) for regional Queensland. When it comes to industry composition for the Far North the study concludes:

"Table 14 shows the industry composition of the Far North economy based on current price
estimates of GVA. The composition of nominal GVA is more evenly spread among the 18
industries than is the case in other regions of Queensland "

What's that? The Far North is the most diversified region in Queensland already? Even more than SEQ? Yes, that is the Far North and while not restricted to just Cairns, thats the way we should think of it, as a regional centre. Yes, I can make qualifications that other industry segments may be dependant on tourism but the point that we are already more diversified than we think should not be lost.

It may be dated but a quick look through some other data in this study should be of interest. The study is based on data between 2000/2001 and 2005/2006. What was the weakest growth component on GVA during this period in the Far North? It was "accomodation, cafes, and restaurants". This was not just weak within FNQ but relative to the rest of Queensland. What was the compensating strongest growth component? It was ALL "construction". The Far North was a relatively low growth economic region during this period.

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