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			Trend			Seasonally adjusted
			Quarterly % change Jun 04 to Sep 04	Annual % change Sep 03 to Sep 04	% points contribution to growth in GDP Jun 04 to Sep 04	Quarterly % change Jun 04 to Sep 04	Annual % change Sep 03 to Sep 04	% points contribution to growth in GDP Jun 04 to Sep 04
Final consumption expenditure
	General government		0.6	2.9	0.1	1.5	3.5	0.3
	Households		1.0	5.3	0.6	1.1	5.4	0.6
Gross fixed capital formation
	Private
		Dwellings	0.5	7.3	-	-1.1	7.0	-0.1
		Business investment	1.6	7.5	0.2	0.8	7.1	0.1
		Ownership transfer costs	-7.3	-20.2	-0.1	-5.9	-19.9	-0.1
	Public		0.7	7.6	-	5.6	12.2	0.2
Changes in inventories
	Private non-farm		. .	. .	-0.2	. .	. .	-0.7
	Farm and public authority		. .	. .	0.1	. .	. .	0.4
Gross national expenditure			0.7	4.5	0.8	0.7	4.3	0.8
Exports of goods and services			-0.1	5.1	-	-3.2	4.7	-0.6
Imports of goods and services			1.8	13.7	-0.4	0.8	13.5	-0.2
Statistical discrepancy (E)			. .	. .	0.2	. .	. .	0.3
Gross domestic product			0.5	3.2	0.5	0.3	3.0	0.3
. . not applicable
- nil or rounded to zero (including null cells)

SEPTEMBER QUARTER

Summary Comments

Final Consumption Expenditure

• Household consumption grew by 1.0% in trend terms (up 1.1% seasonally adjusted). The strongest trend growth rates were recorded for clothing and footwear, up 2.3% (up 2.6% seasonally adjusted), furnishings and household equipment up 1.5% (up 1.8% seasonally adjusted) and food, up 1.5% (up 2.0% seasonally adjusted). Household purchases from hotels, cafes and restaurants fell 2.1% in seasonally adjusted terms. Government consumption grew by 0.6% in trend terms (up 1.5% seasonally adjusted) with all levels of government contributing to the growth.

• Private GFCF rose by 0.6% in trend terms with machinery and equipment and total intangible fixed assets rising most strongly. Seasonally adjusted, private GFCF fell by 0.2%, with a rise in machinery and equipment (up 4.6%), offset by falls in non-dwelling construction (down 6.8%) and dwelling investment (down 1.1%).

• Trend inventories rose by $940 million (up $555 million seasonally adjusted), driven by a buildup in wholesale and retail inventories. As the build up in September quarter was less than in the June quarter (in both trend and seasonally adjusted terms) the change in inventories detracted from GDP growth.

• Trend exports of goods and services fell 0.1% (down 3.2% seasonally adjusted). In seasonally adjusted terms, exports of goods fell 3.9% with falls in all commodities except cereals, other mineral fuels and beverages, while exports of services fell 0.5%.
• Trend imports of goods and services rose 1.8% (up 0.8% seasonally adjusted). Seasonally adjusted, imports of goods rose 1.4% while imports of services fell 1.4%.