Queensland appears on track to record a recovery from the technical recession of the second-half of 2014, due to a large increase in exports in recent months, in part associated with the LNG now being shipped out of Gladstone (see chart above). The value of merchandise exports out of Queensland was 35% higher in May 2015 than in May 2014. While this looks small compared with the massive through-the-year growth rates recorded in late-2008, when Queensland benefited from super-high coal prices, it is still an outstanding performance and will no doubt provide some comfort to Queensland Treasury. A media release from Treasurer Curtis Pitt on Friday noted:
“Growth over the year was driven by increases in the value of minerals, coal and meat exports, as well as the continued ramp up of LNG exports”….
…“Coal exports rose 6.9 per cent over the year to $6.2 billion, while LNG exports from the Port of Gladstone have totaled $648 million so far in 2015.
Incidentally, Queensland Treasury will be presenting on the economic forecasts underpinning the upcoming State Budget at an Economic Society of Australia (Qld) seminar on Wednesday 15 July:
Great initiative from Qld Treasury to explain forecasts in Economic Society seminar