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About Sydney and NSW > Economic and Business Climate

Industry Structure

Services comprise more than 80% of New South Wales’ industry output, highlighting the strength of the State’s knowledge-based business services, ICT and creative industries.

The State dominates the nation’s property and business services and finance and insurance industries, as well as the tourism-related accommodation, cafes and restaurants, and cultural and recreational services industries. New South Wales also has the largest retail, transport and storage, construction and communication services industries. Sydney is the nation’s finance and business capital, leading the other states in computer, legal, accounting, marketing and business management services, and finance and insurance insurance skills.

Demonstrating its economic diversity, New South Wales contributes the largest state share of national output not only in services (34%) but also in manufacturing (32%). New South Wales has particular strengths in food and beverage manufacturing, metal manufacturing, electrical and electronic equipment manufacturing, and publishing and printing.

Property and business services made the largest single industry contribution to New South Wales’ industry output in 2007-08, with a 14% share, while finance and insurance accounted for a further 10%. Combined, these two industries have increased their contribution to the State’s economy by four percentage points over the last decade. In 2007-08, the strongest growth in percentage terms occurred in New South Wales’ transport and storage, construction, communication services, and finance and insurance industries.

Industry structure (1) - New South Wales and Australia, 2007-08

Sector/industry (2) NSW (A$ million) % share of NSW Total Australia ($ million) % share of Aust. total NSW as % of Australia
Primary: 15,779 4.4 113,169 10.0 13.9
Agriculture, forestry and fishing 4,924 1.4 26,497 2.3 18.6
Mining 10,855 3.0 86,672 7.7 12.5
Manufacturing 35,088 9.7 108,834 9.6 32.2
Services (3): 248,485 69.0 724,258 64.0 34.3
Property and business services 51,498 14.3 135,375 12.0 38.0
Finance and insurance 35,958 10.0 81,298 7.2 44.2
Construction 24,951 6.9 82,139 7.3 30.4
Health and community services 21,423 6.0 65,350 5.8 32.8
Retail trade 19,001 5.3 60,144 5.3 31.6
Transport & Storage 17,624 4.9 53,454 4.7 33.0
Wholesale trade 16,822 4.7 50,789 4.5 33.1
Education 14,174 3.9 45,382 4.0 31.2
Government administration and defence 12,044 3.3 43,048 3.8 28.0
Communication services 8,238 2.3 23,866 2.1 34.5
Accomodation, cafes and restaurants 7,623 2.1 21,350 1.9 35.7
Personal and other services 6,708 1.9 21,062 1.9 31.8
Electricity, gas and water 6,675 1.9 24,827 2.2 26.9
Cultural and recreational services 5,746 1.6 16,174 1.4 35.5
Sub-total 299,352 83.2 946,261 83.6 31.6
Ownership of dwellings 32,945 9.2 93,567 8.3 35.2
Gross value added at basic prices 332,296 92.3 1,039,829 91.8 32.0
Gross state product (4) 359,883 100.0 1,132,172 100.0 31.8






Footnotes:
1: Measured as industry gross value added at current prices, which represents the value of output at basic prices (excluding taxes and subsidies) less the value of intermediate consumption at purchasers' prices
2 Industries classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 1993
3 The Australian Bureau of Statistics classifies the construction and electricity, gas and water industries as 'goods producing' industries and not services, however, both include substantial service components
4 Gross State Product is equal to ‘gross value added at basic prices’ plus ‘taxes les subsidies on products’ plus ‘statistical discrepancy’, which are not shown

Source: ABS Cat. No. 5220.0, State Accounts, 2007-08