‘Roaring’ recovery in Gympie as region bucks COVID downturn
Gympie Chamber of Commerce chief Tony Goodman said the region could be on the cusp of a “roaring 20s” economy as its Gross Regional Product bucked the state trend.
Data from online hub Economyid revealed the region’s GRP grew $37 million between June 2019 and June 2020, to sit at $2.237 billion, an increase of 1.69 per cent on the year.
This jump was in direct contrast to Queensland’s GRP which fell o. 4 per cent from $373.7 billion to $372 billion; this was the first time the state’s GRP fell in more than 20 years.
The region was expected to continue weathering the pandemic’s fallout better than the state, too.
Gympie region’s GRP was forecast to experience a 1 per cent contraction by September last year, compared to Queensland which was expected to shrink by 3 per cent.
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Mr Goodman said he was unsurprised by the region’s economic growth, which was clearly illustrated by the thriving property market.
The influx of government “helicopter money” like Jobseeker and JobKeeper was a boon, too.
And although some parts of the community would be affected once the stimulus dried up, Mr Goodman was confident the region’s economic engine would continue to thrum.
“(Economists) still feel very confident about getting a V-shaped economy,” he said, adding he believed a “roaring 20s” recovery looked promising.