The contribution of agriculture to the Victorian economy can be measured in a number of ways. The most direct measurement available is the gross value of agricultural production, which is the value placed on recorded production at wholesale prices realised in the market place. In 2003-04, the gross value of agricultural production for Victoria was $8.7 billion.
Other measures of the contribution of agriculture to the economy include:
- gross farm product (GFP), which is a measure of the value added in production by farm businesses. In 2004-05, the GFP for Victoria was $6.4 billion, or 2.9% of gross state product; and
- the value of exports of agricultural commodities from Victoria, which amounted to $1.7 billion in 2004-05.
GROSS FARM PRODUCT, Victoria
Source: Australian National Accounts: State Accounts (cat. no. 5220.0).
|Gross farm product (GFP)|
|Gross state product (GSP) |
|GFP as % of GSP|