SA: SA centre says local economy performing strongly

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SA: SA centre says local economy performing strongly

South Australia's Centre for Economic Studies has delivered an upbeat assessment ofthe state economy, despite the drought, a weak international economy and the war againstIraq.

In its latest report, the centre says South Australia's performed strongly in recentmonths and seems set to continue on that path through 2003.

Research Associate OWEN COVICK says the sustained growth of the local economy continuesto surprise.

Professor COVICK says gross state product increased by 3.7 per cent in 2001 to 2002after growing by 3 per cent the previous year.

It's expected growth in the current financial year will be a healthy 2.75 per cent.

The centre's report also found employment's increased by 2.7 per cent over the past 12 months.

But it also raises some concerns, including record levels of household debt suggestingstrong consumer spending might not be maintained.

AAP RTV tjd/dl/rt

KEYWORD: ECONOMY SA (ADELAIDE)