Australian agriculture has become the fastest growing economic sector and the largest contributor to national GDP growth, putting in 0.5 percentage points of national total 1.9 percent growth. The sector has secured its position as one of the economic powerhouses driving the country.
Deputy Prime Minister and Minister for Agriculture and Water Resources Barnaby Joyce confirmed that the agriculture sector rose the fastest of all 19 industries in 2016-17. “Australian agriculture contributed 0.5 percentage points of the nation’s total 1.9 per cent growth over the course of the year, an outstanding contribution given the size of the sector compared to total national GDP,” the minister said in a media release.
In 2016-17, agriculture reportedly contributed more than $50 billion in exports. It can be compared to $41 billion five years ago.
Agricultural industries are billion dollar performers, and grains and livestock products are performing well too. Each has contributed about $10 billion to the nation’s export performance.
