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5206.0 - Australian National Accounts: National Income, Expenditure and Product, Dec 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/03/2005   
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DECEMBER KEY FIGURES

% change Sep qtr 04 to Dec qtr 04
% change Dec qtr 03 to Dec qtr 04

GDP (Chain volume measure)
Trend
0.3
1.9
Seasonally adjusted
0.1
1.5
Final consumption expenditure (Chain volume measure)
Trend
0.9
4.2
Seasonally adjusted
0.6
3.9
Gross fixed capital formation (Chain volume measure)
Trend
1.5
5.4
Seasonally adjusted
2.4
4.3
GDP chain price index
Original
1.0
4.4
Terms of trade
Seasonally adjusted
1.6
9.9
Real net national disposable income
Trend
0.1
3.0
Seasonally adjusted
-
2.8

- nil or rounded to zero (including null cells)

GDP - Trend, Chain Volume Measure, qtly change
Graph:GDP - Trend, Chain Volume Measure, quarterly change

Contributions to GDP growth, Expenditure - Seasonally adjusted
Graph: Contributions to GDP growth, Expenditure – Seasonally adjusted



DECEMBER KEY POINTS


TREND ESTIMATES

  • In volume terms GDP increased by 0.3% in the December quarter. GDP per capita was flat, GDP per hour worked in the market sector fell by 0.4% and real net national disposable income grew by 0.1%.


SEASONALLY ADJUSTED ESTIMATES
  • In volume terms GDP increased by 0.1% in the December quarter. Non-farm GDP grew by 0.2%.
  • On the expenditure side the increase in GDP was driven by growth in total private business investment (+0.8 percentage points), and total final consumption expenditure (+0.5 percentage points). These were offset by negative contributions from net exports (-0.6 percentage points), changes in inventories (-0.6 percentage points) and private gross fixed capital formation on dwellings (-0.2%).
  • On the production side there were small positive contributions from a number of industries, with three industries (construction, retail trade and property and business services) detracting from GDP growth.


NOTES

REVISIONS IN THIS ISSUE

In the compilation of the December quarter accounts, more up-to-date source data has caused revisions to estimates, particularly for the previous five quarters. In addition, a number of series have been seasonally reanalysed. The main revisions are as follows:


On the expenditure side of GDP, new machinery and equipment, non-dwelling construction and dwellings were revised due to both updated source data and seasonal reanalyses. Public gross fixed capital formation and a number of components of HFCE were revised due to a seasonal reanalysis.


On the production side of GDP revisions were made to agriculture due to the incorporation of preliminary results from the 2003-04 Agriculture Survey.


On the income side of GDP the gross mixed income of unincorporated enterprises was revised due to the incorporation of preliminary results from the 2003-04 Agriculture Survey.



FEATURE ARTICLE

A feature article that discusses the terms of trade and the national accounts has been released on the ABS web site <http://www.abs.gov.au> concurrently with the release of this publication.


To access this article on the ABS web site select: Themes - Economy - National Accounts - Articles and research papers - 5206.0.



INQUIRIES

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.


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