The agriculture, forestry and fishing and healthcare and social assistance sectors have driven Tasmania to some of the nation's fastest economic growth.
The Australian Bureau of Statistics estimated Tasmania's gross state product grew by 4.3 per cent to $36.7 billion in 2021-22.
That was ahead of national growth of 3.6 per cent.
State Treasury analysis said Tasmania's agriculture, forestry and fishing sector was the biggest contributor to gross state product growth, contributing 1.6 percentage points.
Healthcare and social assistance accounted for 0.6 percentage points of the GSP growth.
Manufacturing, electricity, gas, waster and waste services, construction, transport, postal and warehousing, rental hiring and real estate services, administrative and support services and public administration and safety also made notable contributions to growth.
Not all industry sectors lifted, with mining down by 5.9 per cent, accommodation and food services down by 1 per cent and retail down by 0.9 per cent, according to the Treasury analysis.
Private sector investment grew strongly, by 7.5 per cent to $6.02 billion, compared with the previous financial year.
Household consumption spending grew by 3.8 per cent to $22.28 billion.
Government consumption spending increased by 8.8 per cent to $10.85 billion, while the value of International merchandise and services exports increased by 7.8 per cent to $5.37 billion.
Tasmanian gross state product per capita remained the nation's lowest at $64,408, well below the national average of $83,678.
However, its 3.5 per cent annual growth beat the nation's 3.1 per cent.
State Treasurer Michael Ferguson said the private investment growth showed the confidence of Tasmanian businesses and Tasmanians to plan and invest for the future, while government investment grew by 5 per cent.
"The participation rate is 61.6 per cent, the highest it's been since we came to government in 2014."