5206.0 - Australian National Accounts: National Income, Expenditure and Product, Dec 2003  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 03/03/2004   
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Trend
Seasonally adjusted
Quarterly % change Sep 03 to Dec 03
Annual % change Dec 02 to Dec 03
% points contribution to growth in GDP Sep 03 to Dec 03
Quarterly % change Sep 03 to Dec 03
Annual % change Dec 02 to Dec 03
% points contribution to growth in GDP Sep 03 to Dec 03
Final consumption expenditure
General Government
0.7
3.0
0.1
0.9
2.6
0.2
Households
1.6
5.4
1.0
1.6
5.5
1.0
Gross fixed capital formation
Private
Dwellings
2.6
5.6
0.2
3.3
6.4
0.2
Business investment
3.3
13.6
0.5
3.5
10.0
0.5
Ownership transfer costs
3.2
6.0
0.1
3.3
2.8
0.1
Public
0.4
1.6
-
9.5
3.6
0.3
Changes in inventories
Private non-farm
. .
. .
-0.2
. .
. .
-0.8
Farm and public authority
. .
. .
0.1
. .
. .
0.3
Gross national expenditure
1.6
6.7
1.6
1.6
6.3
1.7
Exports of goods and services
0.7
-2.2
0.1
3.3
-0.5
0.6
Imports of goods and services
2.9
12.0
-0.7
4.4
10.2
-1.1
Statistical discrepancy (E)
. .
. .
0.2
. .
. .
0.1
Gross domestic product
1.1
3.5
1.1
1.4
4.0
1.4
. . not applicable
- nil or rounded to zero (including null cells)


December Quarter

Summary Comments

Final Consumption Expenditure
  • Household consumption grew by 1.6% in both trend and seasonally adjusted terms. The strongest trend growth rates were recorded for recreation and culture, up 3.9% (up 5.4% seasonally adjusted), furnishings & household equipment, up 2.3% (up 2.1% seasonally adjusted), and hotels, cafes & restaurants, up 2.3% (up 2.9% seasonally adjusted). Government consumption grew by 0.7% in trend terms (up 0.9% seasonally adjusted), with state and local government the major contributor.

Private gross fixed capital formation
  • Trend private GFCF rose by 2.9% (up 3.4% seasonally adjusted). Machinery and equipment rose 2.8% in trend terms (down 0.5% seasonally adjusted). Non-dwelling construction rose 2.5% (up 13.8% seasonally adjusted), with strong growth in both new engineering construction and new buildings. Dwelling investment rose 2.6% in trend terms (up 3.3% seasonally adjusted).

Changes in inventories
  • Trend private non-farm inventories rose by $1,014 million (up $354 million seasonally adjusted), driven by farm produce wholesaling inventories. The build up in the December quarter was less than in the September quarter.

Exports of goods and services
  • Trend exports of goods and services rose by 0.7% (up 3.3% seasonally adjusted). In seasonally adjusted terms, exports of goods rose 1.7% and exports of services rose 9.1% with strong growth in travel services of 15.9% reflecting the impact of the Rugby World Cup.

Imports of goods and services
  • Trend imports of goods and services rose by 2.9% (up 4.4% seasonally adjusted). In seasonally adjusted terms, imports of goods rose 3.0% and imports of services rose 10.1% with international travel up 12.3% and other services imports up 14.5%.