Qld economy growing despite disasters

March 8 (AAP)-There are some positive signs for the Queensland economy with new data showing growth despite the recent disasters which have devastated the state.
Treasurer Andrew Fraser said NAB Business survey results on Tuesday showed, despite very tough trading conditions, business confidence rebounded in February in Queensland up 14 points to +24 index points, the highest level on record.
Mr Fraser said the figures show business confidence is improving and there has been growth across the board.
The December quarter accounts showed that trend State Final Demand in Queensland rose 0.6 per cent, above the national growth rate of 0.5 per cent, while importantly business investment had its third consecutive rise, by 3.5 per cent, to be 10 per cent higher over the year.
"Most important we saw jobs growth every single month throughout 2010," Mr Fraser said.
"In fact, positive momentum in the labour market was strong enough to deliver an 18th consecutive month of trend jobs growth in January despite the natural disasters."
The treasurer said the data presents a clear case that Queensland's economic recovery was underway before the floods and Tropical Cyclone Yasi.
However, Mr Fraser said while the figures show growth at the end of 2010, there is no doubt the combined affects of the floods and cyclones would stunt growth temporarily in 2011.
"We have made no bones about Treasury predictions that the natural disasters could shave economic growth this financial year to below one per cent," Mr Fraser said.