The growth in the NSW services economy is attributed to an almost 50% increase in financial services exports, the largest recorded sector growth since 2006.
Acting Premier and Minister for Trade & Investment Andrew Stoner said the growth in export services was good news for the NSW economy, where 1 in 5 jobs are export-related.
“These latest results paint a positive picture for the NSW economy as we transition to a more diversified economy beyond growth dominated by the mining sector,” Mr Stoner said.
The report also shows a 9.2% increase in private business investment in the March 2014 quarter, the strongest growth of all Australian states and territories.
Mr Stoner said the report also reveals inbound foreign investment has seen major growth over recent years, particularly from NSW’s priority markets in Asia.
“Over the five years to 2013, the three largest sources of foreign direct investment growth in Australia were India (75.8%), China (41.7%) and Singapore (19.3%), all markets of focus for the NSW International Engagement Strategy.
“In 2013, NSW Trade & Investment’s regional and international offices facilitated projects expected to create $1.71 billion in new investment, support more than 5,000 jobs and generate exports worth more than $135 million over the next three years,” Mr Stoner said.