We hear the regular commentary on the Queensland economy, but do we actually know how it is pieced together? Queensland Treasury have the facts!

INDUSTRY

Here are the 2017-2018 largest contributors to the economy.

1. Mining. Account for around 11.8% or $38.8 billion. The bauxite and coal reserves in Queensland are some of the largest and highest grade in the world, making them hot property around the globe. International exports of coal, LNG and minerals accounted for 60% of the goods Queensland sends around the world. 

2. Construction. The sector contributed $29 billion and was also the states 3^rd largest employer, with 234,000 workers employed in 2018. 

 3. Tourism. Throughout 2016-17 the sector contributed $11.7 billion. The Queensland tourist market is 2^nd in the nation, accounting for 23.1% of tourism nationally, and employing 137,500 people in 2016-2017.

The combination of the financial and professional services accounted for $42 billion with an employment base of 236,000 people in 2018. These sectors have good growth driven by demand across a variety of industries. 

The Health sector is the largest employer in the state, with 345,800 workers in 2018. This sector has grown considerably by 67% over the past 10 years and has been the major economic contributor to the state. As the population ages, jobs in these fields are only going to continue to grow. 

POPULATION

Population growth in our state is the third fastest in the nation, with the Australian Bureau of Statistics (ABS) indicating the state as a whole is growing at 1.7 per cent, and Brisbane is one of the fastest growing capital cities, growing by 48,000 people in 2017 reaching a total of 2.4 million. Back in May this year, the state hit the 5 million people mark. 

The forecast for the economy in 2018-2019 is a 3% rise, after a previous rise of 3.4% in 2017-2018.