The contribution of service industries to the Tasmanian economy can be assessed in terms of its contribution to Gross State Product (GSP). GSP is the total market value of goods and services produced in Tasmania within a given period after deducting the cost of goods and services used up in the process of production, but before deducting allowances for the consumption of fixed capital.
In 2003-04, the service industries sector contributed 56.6% to Tasmania's GSP based on factor incomes (i.e. compensation of employees, gross operating surplus and gross mixed income).
Compensation of employees includes wages and salaries, employer contributions to pension and superannuation funds, and premiums paid by employers to workers' compensation schemes. In 2003-04, some 75.5% of Tasmania's compensation of employees was in service industries.
Gross operating surplus and gross mixed income is defined as gross value added minus compensation of employees, minus taxes on production and imports payable plus subsidies receivable. In 2003-04, some 35.3% of Tasmania's gross operating surplus and gross mixed income was in service industries.
SERVICE INDUSTRY'S CONTRIBUTION TO GROSS STATE PRODUCT, Tasmania(a)
Gross operating surplus
and gross mixed income
% of Tas.
% of Tas.
% of Tas.
(a) Includes the following industries: wholesale trade, retail trade, accommodation, cafes and restaurants, transport and storage, communication services, finance and insurance, property and business services, government administration and defence, education, health and community services, cultural and recreational services, and personal and other services.
(b) Based on factor incomes (i.e. the sum of compensation of employees, gross operating surplus and gross mixed income).
Source: Australian National Accounts: State Accounts (cat. no. 5220.0).