TASMANIAN ECONOMY AND HOSPITALITY SECTOR SHOW STRONG GROWTH
Tasmanian hospitality has been experiencing strong economic growth in recent years. The Australian Bureau of Statistics has reported in their latest State Accounts Report that Tasmania’s Gross State Product (GSP) for 2017-18 was 3.3%, the highest it has been in 10 years. The report also showed that the Accommodation & Food Industry in Tasmania has grown by 5.9%, much higher than the national average of 4.1%.
The ABS report was released the same day as a report from Roy Morgan predicting retail spending growth for the 2018 Christmas period. The report predicts a 4% retail sales growth for Tasmania for the Christmas period, the second highest in the nation, trailing only behind Victoria with a predicted growth rate of 5.2%.