Economy of Victoria (state)

Economy of Victoria
CurrencyAustralian dollar (A$ or AUD)
1 July – 30 June[1]
Statistics
GDPIncreaseA$515.2 billion (2022)[2]
GDP growth
Positive decrease2.6% (2022/23)[3]
GDP per capita
IncreaseA$76,357 (2021/22)[3]
0.948 (2021) very high[4]
UnemploymentPositive decrease 3.7% (2022/23)[3]
Main industries
Financial services, professional-technical services, healthcare, education, construction[5]
External
ExportsA$61.8 billion (2022/23)[3]
Export goods
wheat, meat, Pharm products, beef, wool, dairy product[3]
Main export partners
 China 17.2%
 United States 12.5%
 New Zealand 8.1%
 Japan 7.2%
 South Korea 4.6%[3]
ImportsA$146.2 billion (2022/23)[3]
Import goods
Passenger and Goods motor vehicles, Refined and Crude petroleum, Pharm products[3]
Main import partners
 China 27.2%
 United States 10.6%
 Germany 4.8%
 Thailand 4.6%
 Japan 4.5%
Public finances
A$116.7 billion (2022/23)[6]
RevenuesA$89.3 billion (2022/23)[6]
ExpensesA$93.3 billion (2022/23)[6]
All values, unless otherwise stated, are in US dollars.


The state of Victoria is the second-largest economy in Australia after New South Wales, accounting for 23.24% of the nation's gross domestic product, valued at A$515.2 billion in 2022.[5] The economy is primarily built upon financial services, agriculture, healthcare and social assistance, tourism and construction. Victoria's main exports are agricultural and pharmaceutical products, while the largest employer in the state is the healthcare and social assistance sector.[3]

  1. ^ Arndt, H. W. (1963). "The Financial Year". The Australian Quarterly. 35 (2): 51–56. doi:10.2307/20633872. ISSN 0005-0091. JSTOR 20633872. Retrieved 1 December 2023.
  2. ^ "Australia GDP: Victoria | Economic Indicators | CEIC". www.ceicdata.com. Retrieved 1 December 2023.
  3. ^ a b c d e f g h i "Victoria economic fact sheet" (PDF). Economic factsheets. Australian Department of Foreign Affairs and Trade. Retrieved 1 December 2023.
  4. ^ "Sub-national HDI – Area Database – Global Data Lab". hdi.globaldatalab.org.
  5. ^ a b "Australian National Accounts: State Accounts, 2021–22 financial year | Australian Bureau of Statistics". www.abs.gov.au. 18 November 2022. Retrieved 1 December 2023.
  6. ^ a b c "2023–24 State Budget – Statement of Finances" (PDF). Victoria State Government Treasury and Finance. Retrieved 1 December 2023.