SEPTEMBER KEY FIGURES
% change Jun qtr 04 to Sep qtr 04
% change Sep qtr 03 to Sep qtr 04
|GDP (Chain volume measure)|
|Final consumption expenditure (Chain volume measure)|
|Gross fixed capital formation (Chain volume measure)|
|GDP chain price index|
|Terms of trade|
|Real net national disposable income|
GDP - Trend, Chain Volume Measure, qtly change
Contributions to GDP growth, Expenditure - Seasonally adjusted
SEPTEMBER KEY POINTS
- In volume terms GDP increased by 0.5% in the September quarter. GDP per capita grew by 0.1%, GDP per hour worked in the market sector fell by 0.3% and real net national disposable income grew by 0.9%.
SEASONALLY ADJUSTED ESTIMATES
- In volume terms GDP increased by 0.3% in the September quarter. Non-farm GDP grew 0.3% while farm GDP grew 0.6%. Continued growth in the terms of trade is being reflected in growth in real net national disposable income of 0.3% in the September quarter and 5.0% since September quarter 2003. The terms of trade has risen 10.8% since September quarter 2003.
- On the expenditure side the increase in GDP was driven by growth in household final consumption expenditure (+0.6 percentage points) and private gross fixed capital formation on machinery and equipment (+0.4 percentage points). These were offset by negative contributions from changes in net exports (-0.8 percentage points) and private non-farm inventories (-0.7 percentage points).
- On the production side there were small positive contributions from a number of industries, with two industries (manufacturing and accommodation, cafes and restaurants) detracting from GDP growth.
REVISIONS IN THIS ISSUE
Revisions have been made to a number of aggregates. Their net effect on the June quarter 2004 estimate of seasonally adjusted gross domestic product (GDP) (in chain volume terms) has been to increase quarterly growth by 0.2 percentage points.
The causes of the revisions fall into three categories:
More details on the revisions to the estimates are presented in the Analysis and comments section on page 13.
- there are the normal quarterly revisions due to the incorporation of more up-to-date source data
- the quarterly series have been benchmarked to revised data from the annual supply and use tables for 2000-01 to 2002-03. The revised annual benchmarks were first published in the Australian System of National Accounts (cat. no. 5204.0) released on 10 November 2004
- the annual seasonal reanalysis that is undertaken on all series. This has caused revisions in all seasonally adjusted series to varying degrees. Seasonally adjusted movements in GDP have been largely unaffected by the revisions to component series.
NATIONAL ACCOUNTS QUARTERLY PRESENTATIONS
The National Accounts Branch runs a series of presentations in each Australian Bureau of Statistics (ABS) state and territory office following the release of the quarterly national accounts. The presentations cover movements in GDP and its components and specific state detail.
For more information, including contact details, please refer to the National Accounts theme page on the ABS web site <http://www.abs.gov.au>.
For further information contact Michael Anderson on Canberra (02) 6252 6713 for income & consumption estimates, and Patricia Mahony on Canberra (02) 6252 6711 for investment, trade & industry estimates.