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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December Key Figures

% change Sep qtr 03 to Dec qtr 03
% change Dec qtr 02 to Dec qtr 03
GDP (Chain volume measure)
Trend
1.1
3.5
Seasonally adjusted
1.4
4.0
Final consumption expenditure (Chain volume measure)
Trend
1.4
4.8
Seasonally adjusted
1.5
4.9
Gross fixed capital formation (Chain volume measure)
Trend
2.6
9.0
Seasonally adjusted
4.3
7.6
GDP chain price index
Original
0.6
2.4
Terms of trade
Seasonally adjusted
2.4
6.4
Real net national disposable income
Trend
1.6
4.5
Seasonally adjusted
2.0
5.1

GDP—Trend, Chain Volume Measure
Graph: GDP Trend, Chain Volume Measure

GDP—Trend, Chain Volume Measure, qtly change
Graph: GDP—Trend, Chain Volume Measure, qtly change



December Key Points


Trend estimates

  • In volume terms GDP increased by 1.1% in the December quarter. GDP per capita grew by 0.8%, GDP per hour worked in the market sector grew by 1.6% and real net national disposable income grew by 1.6%.


Seasonally adjusted estimates
  • In volume terms GDP increased by 1.4% in the December quarter. Non-farm GDP rose by 1.0% while farm GDP rose by 13.3%. Strong growth in the terms of trade is being reflected in very strong growth in real net national disposable income of 2.0% in the December quarter and 5.1% since December quarter 2002.
  • On the expenditure side the increase in GDP was driven by growth in household final consumption expenditure (+1.0 percentage points) and private business investment (+0.5 percentage points). These were offset by negative contributions from net exports (-0.5 percentage points) and total inventories (-0.5 percentage points).
  • On the production side there were notable positive contributions from agriculture, forestry and fishing (0.4 percentage points), construction (0.3 percentage points) and transport and storage (0.2 percentage points).


Notes


Revisions

Revisions have been made to a number of aggregates. Their net effect on the September quarter 2003 estimate of seasonally adjusted GDP (in chain volume terms) has been to increase quarterly growth by 0.1 percentage points. A detailed summary of the revisions is presented in the Analysis and Comments section on page 15.



NATIONAL ACCOUNTS QUARTERLY PRESENTATIONS

The National Accounts Branch runs a series of presentations in each 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.

Schedule of presentations for 2004
Publication for
ABS OfficeDec 03Mar 04June 04Sep 04
SydneyThur March 4Thur June 3Thur Sept 2Thur Dec 2
9.30am9.30am9.30am9.30am
MelbourneThur March 4Thur June 3Thur Sept 2Thur Dec 2
2.30pm2.30pm2.30pm2.30pm
BrisbaneThur March 4Thur June 3Thur Sept 2Thur Dec 2
1.30pm2.30pm2.30pm1.30pm
AdelaideFri March 5Fri June 4Fri Sept 3Fri Dec 3
2pm2pm2pm2pm
PerthFri March 5Fri June 4Fri Sept 3Fri Dec 3
9.30am9.30am9.30am9.30am
HobartThur March 4Thur June 3Thur Sept 2Thur Dec 2
2.00pm2.00pm2.00pm2.00pm
DarwinThur March 4Thur June 3Thur Sept 2Thur Dec 2
10am10am10am10am
CanberraFri March 5Fri June 4Fri Sept 3Fri Dec 3
2.30pm9.30am9.30am9.30am

For more information, including contact details, please refer to the National Accounts theme page on the ABS web site .



Quarterly Public Finance Release

The first issue of Government Finance Statistics, Quarterly Australia (cat. no. 5519.0.55.001) is scheduled for release on 17 March 2004. It will be released electronically on the ABS web site. Further information is available from Fleming Gilfelt on (02) 6252 7501.



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.