It's official – Victoria's economy is the powerhouse of the nation with final demand growing faster than any other state, and creating more jobs than every other state combined.
Data released by the Australian Bureau of Statistics (ABS) on 7 June 2017, reveals Victoria's state final demand – the measure of economic activity which looks at the total amount of goods and services used in the economy – grew by 4.5 per cent in the year to March 2017, which is almost triple the national average.
Victoria's trade is also on the rise with ABS data showing a 7 per cent growth in exports in the year to March 2017, bringing the total annual value of exports to A$44.5 billion, up from A$39.7 billion in 2015-16.
The quarterly figure of 1.4 per cent was also the strongest growth in the nation.
In the six months to March 2017, growth in Victoria's state final demand was the strongest it has been since the start of the Global Financial Crisis (March 2008), supporting the strongest job creation in the nation.
March quarter growth in Victoria was largely driven by positive contributions from public demand and household consumption expenditure.
Overall, Australian GDP grew by 0.3 per cent over the March quarter and is up 1.7 per cent over the year, broadly in line with market expectations.