2021-12-13 GC Agenda - Item 9 - Attachment 2-Noosa Economic Plan Review Update Report 2021

                                                                    NOOSA LEP REVIEW - ECONOMIC ANALYSIS REPORT - Draft Report



3.                                           Economy
3.1                                          Size and Structure of the Economy
Noosa’s Gross Regional Product (GRP) was $3.0 billion in 2019-20, down 0.2% from the previous year
(Figure 3.1). The region’s economic growth has underperformed the Queensland average over both
the past five (1.3% per annum in Noosa, compared to 1.7% across Queensland) and ten (1.8% per
annum in Noosa and 2.1% across QLD) year periods.
Figure 3.1. Gross Regional Product, Noosa
                                     $3.5                                                                             7%

                                     $3.0                                                                             6%

                                     $2.5                                                                             5%
 Gross Regional Product (real, $B)




                                     $2.0                                                                             4%

                                     $1.5                                                                             3%




                                                                                                                            Annual growth
                                     $1.0                                                                             2%

                                     $0.5                                                                             1%

                                     $0.0                                                                             0%

                                     -$0.5                                                                            -1%

                                     -$1.0                                                                            -2%

                                     -$1.5                                                                            -3%
                                             2005        2008          2011           2014      2017           2020
                                                      Noosa               Noosa (%)           Queensland (%)

Note: Real terms.
Sources: economyID (2021), ABS (2020).

The largest industries by Industry Value-Add (IVA) in the Noosa region in 2019-20 were:
                                     •   Construction
                                     •   Health care and social assistance
                                     •   Rental, hiring and real estate services
                                     •   Retail trade
                                     •   Professional, scientific and professional services
                                     •   Accommodation and food services
Construction has long been the largest contributing sector to GRP but has had some volatility over
time. Another interesting trend is the strong growth of the healthcare industry over the last three
years, growing at an average annual rate of 7.4% during this time. Professional services has also
demonstrated strong growth over the last five years, growing at an average annual rate of 3.1%. The
growth of these sectors has been much higher than the traditional sectors of retail trade,
accommodation and food services, which have grown at -0.7% and -2.3%, respectively, per year on
average during this time.




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