At a glance

The WA domestic economy grew by 4.3% in 2020-21 – the strongest of all States for the second year in a row, placing WA as one of the top performing economies in the world.

  • WA’s efforts to crush the virus quickly has worked, with WA having amongst the lowest COVID-19 cases and death rates in the world. This has also allowed us to keep our economy more open and underpinned strong consumer and business confidence.
  • The Western Australian economy has not only outperformed nationally, it has also been one of the strongest in the world.
  • WA’s domestic economy has grown by 5.7% since the start of the pandemic, the strongest of the States and almost double the growth of the rest of the nation.
  • WA was the only State to record growth in its domestic economy in 2019-20 and 2020-21.
  • Treasury estimate Gross State Product (which includes net exports) grew by 3.25% in 2020-21, with growth expected to accelerate to 3.5% in 2021-22 – which would be the fastest rate since 2013-14.
  • Growth is expected to be fuelled by strong growth in housing construction, business and government investment.
  • WA has had the strongest household spending throughout the pandemic, with fast rebounds in activity following the short and sharp lockdowns.
  • The continued operation of WA’s mining sector has provided valuable support not just to the State economy, but also the nation, delivering billions in additional royalty revenue to the Commonwealth.
  • WA’s exports grew to a record $223 billion in 2020-21, accounting for more than half of national exports.
  • The resilience of the economy combined with financial discipline implemented prior to COVID-19 have ensured the State has the fiscal capacity to continue growing strongly into the future.
Page reviewed 9th September 2021