Western Australia’s fortunes have a long way to fall as the mining construction boom comes to an end, with Deloitte expecting the state’s economic growth to fall almost 6 percentage points from its 2012 peak before rebounding.
Deloitte this week noted that WA’s mining-heavy economy would suffer from the transition from construction to production phases but other sectors of the economy – including housing, agriculture, tourism and international education could offset the downturn.
Economists now forecast WA’s gross state product (GSP) growth to reach 1.1 percent in 2014-15, falling below national GDP growth for the first time in about a decade.
However, they see WA “rebounding quickly to growth of around 4 per cent and retaining the mantle of Australia’s fastest growing state over the next decade”.
From the report:
There’s more in the report.