Pandemic to wipe 2900 jobs, 10% off Gympie economy
THE coronavirus pandemic is expected to wipe out more than 10 per cent of the region's Gross Regional Product with 2300 Gympie jobs predicted to have disappeared in the crisis.
New modelling from eonomyid has revealed the expected scale of the economic damage due to the enforced shutdown - but the region is still better off than many.
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The region's GRP is expected to shrink by 10.6 per cent, a better result than those expected in Queensland overall, regional Queensland and Australia-wide (all drops of 12 per cent).
It is predicted 7 per cent of the region's jobs have vanished, a number that rises to 12.6 per cent when Jobkeeper recipients are taken into account.
All up, more than 2900 residents are expected to have had their jobs vanish as a result of the pandemic.
Those working in accommodation and services took the biggest hit (more than 600 moved on to social welfare, including 345 on to Jobkeeper).
At the other end of the tunnel, almost 400 residents are expected to have found work in the health service.
It was the only industry to experience significant growth; information media and telecommunications is predicted to have a minuscule jump of six jobs, offset by five moved on to Jobkeeper.
In fact, these are the only ones of the region's 19 industries forecast to be untouched economically by the pandemic.
The health industry is forecast to have a $14 million increase in economic output, and IT to grow by $1 million.
The biggest financial hit is headed for professional and technical services, expected to have $18 million wiped off its regional output.
Manufacturing and accommodation are likely to lose at least $15 million each.
In terms of industry size, though, Gympie's arts were walloped the hardest with 74 per cent of the industry's economic output and 71 per cent of its value to the region wiped out.