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Industry structure

Services account for 86% of the value of New South Wales' (NSW) industry output, highlighting the strength of the state's knowledge-based business services, ICT and creative industries. 

The state dominates the nation's financial and insurance services, professional, scientific and technical services, and information media and telecommunications industries, as well as the tourism-related accommodation and food services, and arts and recreation services industries. 

With the exception of the construction industry, all NSW services industries are the largest in Australia.

Financial and insurance services is the state's largest industry, accounting for a 12% share of the New South Wales economy in 2012-13. Concentrated in Sydney, Australia's business and finance capital, this industry has increased its share of GSP by more than four percentage points over the last 20 years.

Demonstrating its economic diversity, NSW contributes the largest state share of national output not only in services (33%) but also in manufacturing (34%). 

NSW has particular strengths in food product manufacturing, primary metal and metal product manufacturing, and machinery and equipment manufacturing.

In 2012-13, financial and insurance services, health care and social assistance, professional, scientific and technical services, and mining made the strongest industry contributions to NSW's economic growth. 

The financial and insurance services industry continues to recover from the effects of the global financial crisis, supported by low interest rates and improving conditions in a number of advanced economies.

Industry structure1 - New South Wales and Australia, 2012-13
Sector/industry2 NSW ($ million) % share of NSW GSP Australia ($ million) % share of Aust. GDP NSW as % of Australia
Primary: 20,169 4.2 156,218 10.3 12.9
Agriculture, forestry and fishing 7,405 1.6 34,190 2.2 21.7
Mining 12,764 2.7 122,028 8.0 10.5
Manufacturing 34,683 7.3 101,427 6.7 34.2
Services3: 341,983 71.8 1,038,905 68.3 32.9
Financial and insurance services 56,962 12.0 123,695 8.1 46.1
Professional, scientific and technical services 35,717 7.5 103,191 6.8 34.6
Health care and social assistance 29,563 6.2 97,760 6.4 30.2
Construction 24,401 5.1 117,588 7.7 20.8
Public administration and safety 23,229 4.9 79,576 5.2 29.2
Transport, postal and warehousing 22,415 4.7 73,546 4.8 30.5
Education and training 22,037 4.6 69,935 4.6 31.5
Retail trade 20,475 4.3 69,182 4.5 29.6
Wholesale trade 20,443 4.3 61,815 4.1 33.1
Information media and telecommunications 18,834 4.0 42,168 2.8 44.7
Administrative and support services 15,658 3.3 43,801 2.9 35.7
Rental, hiring and real estate services 13,282 2.8 38,156 2.5 34.8
Electricity, gas, water and waste services 12,742 2.7 44,531 2.9 28.6
Accommodation and food services 12,671 2.7 34,779 2.3 36.4
Other services 8,814 1.8 26,983 1.8 32.7
Arts and recreation services 4,740 1.0 12,199 0.8 38.9
Sub-total 396,835 83.3 1,296,550 85.2 30.6
Ownership of dwellings 44,843 9.4 126,631 8.3 35.4
Gross value added at basic prices 441,678 92.7 1,423,181 93.5 31.0
Gross state product4 (GDP for Australia) 476,434 100.0 1,521,465 100.0 31.3

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), 2006
  3. The Australian Bureau of Statistics classifies the construction and electricity, gas, water and waste services industries as 'goods producing' industries, however, both include substantial service components
  4. Gross State Product is equal to 'gross value added at basic prices' plus 'taxes less subsidies on products' plus 'statistical discrepancy' which are not shown.

Source: ABS Cat. No. 5220.0, State Accounts, 2012-13

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