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1301.0 - Year Book Australia, 2009–10  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 04/06/2010   
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Contents >> Industry structure and performance >> Value of goods and services produced by Australian industry

VALUE OF GOODS AND SERVICES PRODUCED BY AUSTRALIAN INDUSTRY

One measure of the importance of an industry is its contribution to the Australian economy. The size of the Australian economy is typically described in terms of GDP, and the structure and performance of the economy in terms of industry gross value added (GVA).

GDP is an estimate of the total market value of goods and services produced in Australia in a given period after deducting the cost of goods and services used up in the process of production (intermediate consumption), but before deducting consumption of fixed capital. This is also described as the unduplicated value of economic production. This measure avoids double counting the goods and services produced at successive stages of production. Accordingly, it is a measure of the value added in production.

Industry GVA is the term used to describe the unduplicated value of goods and services produced by individual industries. This measure removes the distortion caused by variations in the incidence of commodity taxes and subsidies across the output of individual industries. Movements in the volume measures of GDP and industry GVA (from which the direct effects of price changes have been removed) are key indicators of economic growth. More information is provided in the National accounts chapter of this edition of Year Book Australia.

Table 15.1 provides details of industry GVA and GDP for 2007-08. Data are presented at a broad industry level, generally equating to the Division level of the Australian and New Zealand Standard Industrial Classification (ANZSIC), 1993 (1292.0). In the ANZSIC, individual businesses are assigned an appropriate industry category on the basis of their predominant activities. The table provides estimates of the unduplicated production of goods and services (industry GVA) from 2003-04 to 2007-08.

In 2007-08, the value of Australian production (GDP) was $1,084 billion (b) (in volume terms), an increase of 4% from 2006-07. In 2007-08, the ratio of GDP to the estimated resident population (GDP per person) was $51,253.

15.1 INDUSTRY GROSS VALUE ADDED AND GROSS DOMESTIC PRODUCT, Volume measures(a)(b)

2003 - 04
2004 - 05
2005-06
2006-07
2007-08
ANZSIC Division
$m
$m
$m
$m
$m

Agriculture, forestry and fishing
26 279
27 361
28 145
23 152
25 085
Mining
71 521
74 793
75 613
81 415
82 650
Manufacturing
103 093
101 846
101 320
103 292
106 776
Electricity, gas and water supply
21 655
21 827
22 117
21 854
21 904
Construction
60 603
63 490
68 746
72 408
77 101
Wholesale trade
43 861
45 370
46 693
47 626
49 013
Retail trade
51 506
53 743
54 281
56 342
58 932
Accommodation, cafes and restaurants
18 568
19 480
20 050
20 461
20 529
Transport and storage
42 221
44 518
45 725
48 409
51 294
Communication services
20 336
21 018
22 555
24 616
26 377
Finance and insurance
64 377
66 960
70 426
76 576
80 270
Property and business services(c)
117 175
118 386
121 911
124 830
131 907
Government administration and defence
36 607
37 894
38 683
40 667
40 708
Education
41 380
41 880
42 400
43 036
43 681
Health and community services
55 193
57 341
60 218
61 650
64 758
Cultural and recreational services
13 475
14 251
14 651
15 571
16 120
Personal and other services
17 441
17 665
18 371
19 183
19 848
Ownership of dwellings
72 916
75 937
78 813
81 410
83 423
Gross value added at basic prices
878 403
903 586
931 040
962 500
1 000 377
Gross Domestic Product
956 017
982 786
1 012 269
1 045 674
1 084 156

(a) Reference year is 2006-07.
(b) Volume measures for years other than 2006-07 and 2007-08 are not additive.
(c) Excludes ownership of dwellings.
Source: ABS Australian System of National Accounts, 2007–08 (5204.0).


Graph 15.2 shows the average annual rate of growth in GVA (in volume terms) for individual industries between 1997-98 and 2007-08. The Construction industry had the highest average annual rate of growth (just over 6%), followed by the Communication services (6%) and Finance and Insurance (5%).

While average annual growth rates provide an indicator of the broad underlying behaviour of the annual series over several years, these averages smooth the annual movements in the series and mask the highest and lowest movements. In terms of year-on-year changes, the fastest growing industry in this period, the Construction industry, showed mainly fluctuating increases in GVA throughout the decade, but with a 14% decline between 1999-2000 and 2000-2001. In 2005-06, GVA of the Construction industry rose by 8%.The following year, in 2006-07, GVA of the Communication services industry rose by 9%.

The year-on-year changes for the Agriculture, forestry and fishing industry also varied significantly over time. While the value of production (GVA) of this industry grew by 3% on average each year between 1997-98 and 2007-08, it fell by 24% in 2002-03, due largely to the effects of drought on agricultural production. This was followed by strong growth in 2003-04, immediately following the 2002-03 drought.


15.2 Average annual rate of growth in the production of goods^and services(a)(b) - 1997-98 to 2007-08
Graph: 15.2 Average annual rate of growth in the production of goods^and services(a)(b)—1997–98 to 2007–08


Graph 15.3 shows industry GVA shares of GDP for 1997-08 and 2007-08. Property and business services contributed the largest share to GDP (12%) in 2007-08, followed by Manufacturing (10%) and Mining (8%).

Between 1997-98 and 2007-08, the largest increase in industry GVA share of GDP was for Construction (up 1.4%), followed by Property and business services (1.2%).

In the ten-year period, the largest fall in industry share of GDP was for Manufacturing (down 2.1%), followed by Mining (down 0.8%).

15.3 Contribution to Gross Domestic Product(a)
Graph: 15.3 Contribution to Gross Domestic Product(a)




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