Tasmanian Economy And Hospitality Sector Show Strong Growth

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%.

This data backs up what our members are saying and that is we are going through strong growth as a sector but we need to continue to focus on sharing the growth around all areas of the state. Hobart as the capital is doing extremely well but some regional areas are not doing as well so we need to remain focussed on all areas of the state and industry. However it is very positive to see tourism numbers continue to grow in the state and our hospitality offering continuing to grow and reach such high standards
— Steve Old - CEO | Tasmanian Hospitality Association

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%.