THE ACT has recorded the fastest nominal growth in the country after nearing the front of the latest national economic performance rankings.

The annual CommSec State of the State report that provides a valuable monetary snapshot of Australia’s eight jurisdictions has the territory just lagging behind only Tasmania who has topped the past five financial quarters.

The economic growth of the ACT was up a glowing 5.2 per cent over the year to December.

The ACT holds the continual best economic performance rankings dating back to April 2017 in a further mark of its stability.

The lowest unemployment backed by an unmatched booming retail trade also ensured that the ACT has surged into second place amid the impact of the coronavirus pandemic.

Retail spending was 19.4 per cent above decade-average levels in the past quarter alone that had reached $1.667 billion.

The overall State of the State ranking comes after the ACT government had been awarded the highest possible AAA/A-1+ credit rating possible by international credit rating agency, Standard & Poor’s, in March of this year.

CommSec chief economist Craig James said the ACT has joined Tasmania in ticking off the key indicators that has helped to stimulate their small economies.

“Tasmania and the ACT have firmly held their positions at the top of performance rankings due to above-average population growth in Tasmania, and a strong job market in the ACT,” Mr James said in a statement.

“As a result, it’s unlikely we’ll see any considerable change at the top of the rankings in the near future.”

Despite being credited with a strong jobs market, the territory’s economy on housing finance has slid down four places.

It is ranked second-last on the increasing values of new home loans throughout Canberra of $455 million.