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Positive Growth for Territory’s Economy

The results of the latest CommSec State of the States report have been released, with the Northern Territory coming out on top in four of the economic indicators used.

Among the areas where the Territory ranked highly was economic growth, as there has been a 27.5 per cent increase in the December 2012 quarter compared to a year ago.

The labour market also proved to be the strongest in the whole country, with the unemployment rate standing 2.9 per cent lower than the average seen over the past ten years.

There have also been widespread efforts to meet the need for property in Darwin, as property commencements in the December quarter were 70 per cent higher than the average for the last decade.

Furthermore, construction activity was up 97.7 per cent compared to the same period of 2011.

Treasurer David Tollner commented on the figures: "In terms of overall performance, the Territory was ranked the second strongest in economic performance among all jurisdictions, behind Western Australia only.

"This just goes to show that there is great optimism in our economy."

A total of eight economic indicators were taken into consideration when compiling this latest report.

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