The Australian Capital Territory and Queensland have won bragging rights for having the fastest growing economies in Australia in 2024-25.

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Their growth was highlighted in annual data on gross state product (GSP), released by the Australian Bureau of Statistics.

GSP is the state and territory equivalent of gross domestic product (GDP), the most commonly used measure of the size of the national economy.

Across the nation, total GDP grew by 1.4 per cent in the year to June 2025, with strength across the service sector offset by weakness in mining and manufacturing.

The fastest growing state or territory economy in 2024-25 was the ACT, which expanded by a robust 3.5 per cent. It was followed by Queensland, which grew by 2.2 per cent. They were the only states or territories to outpace the national growth rate. The others mostly grew by around 1 per cent.

The ACT and Queensland were also, along with Tasmania, the only ones where GSP grew faster than population. These figures, given in real terms, exclude the impact of inflation.

The ACT, with a population of 484,000, has a larger GSP than Tasmania - despite the Apple Isle's bigger population of 576,000.

Unsurprisingly, New South........

© Canberra Times