Industries

New South Wales (NSW) has a prosperous, growing and economically diverse industry base. It is one of Australia's economic powerhouses, primarily driven by thriving service industries.

NSW's economic diversity

Services comprise more than 86% of the value of NSW's industry output and the state accounts for 33% of Australia's services output. In 2012–13, specific service sectors made the strongest industry contributions to the state's economic growth, including:

• financial and insurance services
• health care and social assistance
• professional, scientific and technical services.

Manufacturing

With the largest manufacturing industry in Australia, NSW accounts for 34% of the country's national output. The state houses prosperous manufacturing sectors such as:

• food products
• metal products
• primary metals, and
• machinery and equipment
• in addition to other growing areas.

NSW's medicinal and pharmaceutical exports are Australia's largest and generated A$1.1 billion in 2012-13.

Regional NSW

Regional NSW's industry has expanded from its traditional agribusiness, manufacturing and mining origins to embrace a diverse range of high-growth areas which include:

• aquaculture
• biotechnology
• communications
• renewable energy and
• viticulture.

Financial and insurance services

Financial and insurance services accounted for 12 per cent of the NSW economy in 2012–13.

This industry is concentrated in Sydney, Australia's business and finance capital, and has increased its share of gross state product by more than 4 percentage points over the last 20 years.

Australia's financial and insurance services sector continues to make a strong recovery from the effects of the global financial crisis. Low interest rates and improving conditions in a number of advanced economies have led to a marked improvement in NSW's financial and insurance services industry, as well as in related sectors.

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

Source: Australian Bureau of Statistics, State Accounts, 2012–13, cat. no. 5220.0, ABS, Canberra.