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You are here: Home / Uncategorised / Gold Coast leads in post-pandemic economic recovery

Filed Under: Uncategorised

Gold Coast leads in post-pandemic economic recovery

Jobs, exports and business productivity all strong

Strong economic recovery with 1.7% productivity growth
Gross value added (GVA) growth rate is 3.4%
Employment rate (FTE) growth rate >2%
Exports are growing by >4% per annum

The Gold Coast economy went into the pandemic shock in good shape, having seen jobs and exports grow strongly in the decade to 2021. Employment had been growing at more than 2 percent, almost twice the Queensland and Australian rate, and after the 2020 dive, rebounded to again increase by 2 percent in 2021.

Exports have enjoyed even stronger growth over the last ten years – 4 percent per annum, increasing to $2.38 million in 2021, again at distinctly higher rates than Regional Queensland (3.1%), Queensland (2.9%) and Australia (2.5%).

The 3.4 percent per annum increase in gross value add (GVA), or business productivity, has also been far stronger than average growth across Regional Queensland, Queensland and Australia.

Marcus Brown, Director, Bull and Bear Economics (left) with Nick McGuire, Manager City Economy

The data points to a diversifying economy, in productive industries, with maturing professional services and technology sectors, according to economist Marcus Brown, of Bull and Bear Economics.

“The Gold Coast has a strong economic base that is turbo-charged by external stimulus from hospitality, tourism, education and service exports,” says Mr Brown, who addressed a recent business breakfast hosted by the City.

“In the short term, GRP is expected to lift from $39 billion to roughly $43 billion in the space of four years (to 2024).

That’s a sizeable bounce back that will bring with it a consequent increase in local jobs from 302,000 to 349,000.

Certainly, this is a level of economic growth well beyond what could be expected for Queensland more broadly.”

The economist referred several times to the opportunity for the Precinct, along with the burgeoning Yatala advanced manufacturing district, to continue to lead in driving productivity growth and economic diversity for the Gold Coast.
The Precinct contributes $3.4 billion in value-add to the Queensland economy and supports 21,000 jobs (2019)
The sharp V-shaped recovery as graphed by City of Gold Coast economists
The City’s analysis forecasts Gold Coast GVA continuing to grow significantly above Regional Queensland, Queensland and Australian rates out to 2024.  Download the full outlook here. Meanwhile the City has launched an innovative new business portal designed to moderate labour supply shortages through matching businesses needing contract staff or specialised project skills to those with spare capacity.

May 16, 2022 By Kathy Kruger

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