GROSS STATE PRODUCT
Gross State Product (GSP) is the state/territory equivalent of Gross Domestic Product (GDP) for Australia. It represents the total market value of goods and services produced within a state or territory within a given period, after deducting the cost of goods and services used up in the process of production, but before deducting allowances for the consumption of fixed capital.
In current prices, the Australian Capital Territory's (ACT) GSP was $19,477m in 2005-06, an increase of 5% over 2004-05. GSP increased by 3%, from $18,473m to $19,098m in chain volume terms over the same period. In comparison, Australia's GDP increased by 8% in current prices and 3% in chain volume terms between 2004-05 and 2005-06.
4.1 Gross State Product, ACT |
|  |
| Current prices | Chain volume measures (a) | |
| $m | % change | $m | % change | |
| |
| 2000-01 | 13 999 | 5.3 | 17 083 | 1.8 | |
| 2001-02 | 14 830 | 5.9 | 17 443 | 2.1 | |
| 2002-03 | 16 307 | 10.0 | 18 028 | 3.3 | |
| 2003-04 | 17 500 | 7.3 | 18 108 | 0.4 | |
| 2004-05 | 18 473 | 5.6 | 18 473 | 2.0 | |
| 2005-06 | 19 477 | 5.4 | 19 098 | 3.4 | |
| |
| (a) Experimental series. Users are cautioned these estimates are derived indirectly by calculating a deflator from the expenditure components. It is emphasised that, at times, there may be movements that cannot be fully explained in the chain volume estimates of GSP through the use of the proxy deflator. Reference year for chain volume estimates is 2004-05. |
| Australian National Accounts: State Accounts, 2005-06 (cat. no. 5220.0). |
The ACT's GSP per capita was $59,454 in current prices in 2005-06, an increase of 4% over 2004-05 and 26% higher than GDP per capita for Australia overall ($47,181).
In chain volume terms, GSP for the ACT was $58,297 per capita, which was 1% higher than in 2004-05 ($56,963). GDP per capita for Australia was $45,021 in 2005-06, 2% higher than in 2004-05 ($44,376). GSP for the ACT was 29% higher than Australia's GDP per capita in 2005-06, and the highest of all states and territories.
4.2 Gross State Product and Gross Domestic Product, ACT and Australia: Per capita |
| |
| In current prices | Chain volume measures(a) | |
| ACT | Australia | ACT | Australia | |
| $ | % change | $ | % change | $ | % change | $ | % change | |
| |
| 2000-01 | 44 187 | 4.2 | 35 769 | 5.6 | 53 920 | 0.7 | 40 686 | 0.7 | |
| 2001-02 | 46 315 | 4.8 | 37 677 | 5.3 | 54 476 | 1.0 | 41 663 | 2.4 | |
| 2002-03 | 50 582 | 9.2 | 39 574 | 5.0 | 55 919 | 2.6 | 42 486 | 2.0 | |
| 2003-04 | 54 152 | 7.1 | 42 057 | 6.3 | 56 032 | 0.2 | 43 704 | 2.9 | |
| 2004-05 | 56 963 | 5.2 | 44 376 | 5.5 | 56 963 | 1.7 | 44 376 | 1.5 | |
| 2005-06 | 59 454 | 4.4 | 47 181 | 6.3 | 58 297 | 2.3 | 45 021 | 1.5 | |
| |
| (a) Experimental series. Users are cautioned these estimates are derived indirectly by calculating a deflator from the expenditure components. It is emphasised that, at times, there may be movements that cannot be fully explained in the chain volume estimates of GSP through the use of the proxy deflator. Reference year for chain volume estimates is 2004-05. |
| Australian National Accounts: State Accounts, 2005-06 (cat. no. 5220.0). |
Total Factor Income (TFI) is gross state product less taxes plus subsidies and production and imports and comprises of compensation of employees and gross operating surplus. In 2005-06, Government administration and defence was the largest contributing industry to the ACT's TFI - in current prices it made up 27% of TFI. The Property and business services industry was next (13%), followed by Ownership of dwellings (9%) and Construction (8%). The Government administration and defence industry has consistently been the largest contributor to TFI for the ACT since 1989-90, when the ABS State Accounts series commenced.
In contrast, the Property and business services industry contributed most to TFI for Australia (13%). This was followed by Manufacturing (11%), then Mining, Finance and insurance and Ownership of dwellings (all contributing 8%).
4.3 Total factor income by industry, ACT and Australia: Current prices - 2005-06 |
| |
| ACT | Australia | |
| $m | % | $m | % | |
| |
| Agriculture | 8 | - | 26 256 | 3.1 | |
| Mining | 2 | - | 65 940 | 7.7 | |
| Manufacturing | 363 | 2.0 | 94 638 | 11.0 | |
| Electricity, gas and water | 441 | 2.4 | 21 034 | 2.4 | |
| Construction | 1 388 | 7.7 | 60 784 | 7.1 | |
| Wholesale trade | 332 | 1.8 | 42 492 | 4.9 | |
| Retail trade | 871 | 4.8 | 52 293 | 6.1 | |
| Accommodation, and restaurants | 356 | 2.0 | 19 210 | 2.2 | |
| Transport and storage | 410 | 2.3 | 36 221 | 4.2 | |
| Communication services | 454 | 2.5 | 22 754 | 2.7 | |
| Finance and insurance | 649 | 3.6 | 66 408 | 7.7 | |
| Property and business services | 2 290 | 12.7 | 107 894 | 12.6 | |
| Government administration and defence | 4 811 | 26.7 | 31 990 | 3.7 | |
| Education | 1 028 | 5.7 | 38 691 | 4.5 | |
| Health and community services | 1 134 | 6.3 | 56 242 | 6.6 | |
| Cultural and recreational services | 462 | 2.6 | 12 387 | 1.4 | |
| Personal and other services | 485 | 2.7 | 16 261 | 1.9 | |
| Ownership of dwellings | 1 563 | 8.7 | 70 489 | 8.2 | |
| General government(a) | 966 | 5.4 | 16 591 | 1.9 | |
| All industries(b) | 18 012 | 100.0 | 858 574 | 100.0 | |
| |
| - nil or rounded to zero (including null cells) |
| (a) This item for Australia represents the gross operating surplus of all general government operations in all industries. For the ACT this item represents the gross operating surplus of all general government operations for the Territory. Data are not available to provide state by industry details of general government gross operating surplus. |
| (b) Industries may not add to total due to rounding differences. |
| Australian National Accounts: State Accounts, 2005-06 (cat. no. 5220.0). |
Compensation of employees continued to represent over 61% ($11,912m in current prices) of GSP for the ACT in 2005-06. Over the last few years this component has been the major income component of GSP. The income components Gross operating surplus and gross mixed income, and Taxes less subsidies on production and imports have contributed approximately 31% and 7% respectively of GSP.
In comparison, Compensation of employees contributed 48% of Australia's GDP in 2005-06. Gross operating surplus and gross mixed income contributed 41% and Taxes less subsidies on production and imports 11%.
4.4 Income components of Gross State Product, ACT - Current prices |
|
| Compensation of employees | Compensation
of employees | Gross
operating
surplus and
gross mixed
income | Gross
operating
surplus and
gross mixed
income | Taxes less
subsides on
production
and imports | Taxes less
subsidies on
production
and imports | GSP(a) | GSP(a) |
| $m | % | $m | % | $m | % | $m | % |
|
| 2000-01 | 8 685 | 62.0 | 4 244 | 30.3 | 1 070 | 7.6 | 13 999 | 100.0 |
| 2001-02 | 9 158 | 61.8 | 4 638 | 31.3 | 1 034 | 7.0 | 14 830 | 100.0 |
| 2002-03 | 9 964 | 61.1 | 5 103 | 31.3 | 1 240 | 7.6 | 16 307 | 100.0 |
| 2003-04 | 10 670 | 61.0 | 5 524 | 31.6 | 1 306 | 7.5 | 17 500 | 100.0 |
| 2004-05 | 11 289 | 61.1 | 5 899 | 31.9 | 1 285 | 7.0 | 18 473 | 100.0 |
| 2005-06 | 11 912 | 61.2 | 6 100 | 31.3 | 1 438 | 7.4 | 19 477 | 100.0 |
|
| (a) Due to statistical discrepancy, components of GSP may not equal total. |
| Australian National Accounts: State Accounts, 2005-06 (cat. no. 5220.0). |
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