NSW is the first half a trillion dollar state economy in Australia, with Treasurer Gladys Berejiklian welcoming the results of the ABS 2014-15 State Accounts.

“This is the first time ever that a state economy has reached the half a trillion dollar mark,” Ms Berejiklian said.

“This is an exciting milestone for the State and once again shows that the NSW economy is leading the nation.”

The ABS data shows NSW nominal Gross State Product was $513 billion in 2014-15, which is a record figure.

Major contributors to growth were construction, financial and insurance services, accommodation and food services, and information media and telecommunications.

NSW Gross State Product is growing above the national average for the first time since 2010-11.

NSW State Final Demand grew by 3.2 per cent in 2014-15, the fastest growth of all the states.

“The NSW economy is in a strong position and it is so pleasing that we can call ourselves a half a trillion dollar state economy,” Ms Berejiklian said.

“We have worked hard over the last four and a half years to take the NSW economy from last place to first.

“But we won’t stop here – we will keep working hard to ensure that our policies and strong economic management help the economy grow even further,” Ms Berejiklian said.

NSW Economy hits half a trillion dollar mark