Tasmania's gross state product growth stronger than Australia's solid performance

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.

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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.

"As a result, the jobs market is at a record high of 268,100 Tasmanians employed, 7100 more than 12 months ago and 33,000 more than 2014," he said.

"The participation rate is 61.6 per cent, the highest it's been since we came to government in 2014."

Mr Ferguson said the figures showed the government's plan was working.