Industrial Growth in NSW

The economic development in Australia is really notable as it ranks higher than other countries, such as the UK, Germany and France, in terms of GDP (Gross Domestic Product). It can be taken from the strong emphasis of the country on exporting commodities rather than the manufactures. It has made a significant increase in the terms of trade of the country during the rise in commodity prices. A total of 69 percent accounts for the service sector of the economy, which includes tourism, education and financial services. The largest export markets of the country are Japan, China, the US, South Korea and New Zealand.

Aside from having six states, including New South Wales (NSW), Queensland, South Australia, Tasmania, Victoria and Western Australia, it has two major mainland territories. The most populous state is NSW that is located in the south-east of the country. Steel and shipbuilding, which were considered old industries, have largely disappeared. However, new industries like information technology and financial services are mainly centred in Sydney. At the same time, coal and related products are the biggest exports that have accounted for about 19 percent of all exports from NSW.

Tourism, one of the important industries that employ over eight percent of the workforce, has also stimulated growth on the North Coast that is around Coffs Harbour and Byron Bay. As evidence of the superior capacity of the state, it has planned to build a 1000 MW bank of wind-powered turbines in 2007. The NSW Business Chamber represents the business community of the state nowadays with 30 thousand members.