The contribution of the manufacturing industry to the Tasmanian economy can be assessed in terms of its contribution to Gross State Product (GSP). GSP is the total market value of goods and services produced in Tasmania within a given period after deducting the cost of goods and services used up in the process of production, but before deducting allowances for the consumption of fixed capital.
From 2000-01 to 2005-06, the manufacturing component of Tasmania's GSP increased steadily from $1,728m in 2000-01 to $2,237m in 2005-06. However, as a proportion of total GSP, the manufacturing component declined slightly in the most recent two years, indicating that other industry sectors have increased their share of the Tasmanian economy, relative to the manufacturing industry.
MANUFACTURING'S CONTRIBUTION TO GROSS STATE PRODUCT, Tasmania (a)(b)(c)
Compensation of employees(a)
Gross operating surplus and gross
% of Tas.
% of Tas.
% of Tas.
(a) Compensation of employees includes wages and salaries, employer contributions to pension and superannuation funds, and premiums paid by employers to workers' compensation schemes.
(b) Gross operating surplus and gross mixed income is defined as gross value added minus compensation of employees, minus taxes on production and imports payable plus subsidies receivable.
(c) The method used to produce these figures changed in 2005 and all of the figures in the above table are revised. For further information see 'Feature Article: Updated National Accounts Annual Benchmarks' in Australian System of National Accounts, 2004-05 (cat. no. 5204.0).
(d) Based on factor incomes (i.e. the sum of compensation of employees, gross operating surplus and gross mixed income).
Source: Australian National Accounts: State Accounts (cat. no. 5220.0).
This page last updated 3 January 2008