DECEMBER KEY FIGURES

		% change Sep qtr 10 to Dec qtr 10	% change Dec qtr 09 to Dec qtr 10
GDP (Chain volume measure)
	Trend	0.5	2.7
	Seasonally adjusted	0.7	2.7
Final consumption expenditure (Chain volume measure)
	Trend	0.8	3.5
	Seasonally adjusted	0.6	3.1
Gross fixed capital formation (Chain volume measure)
	Trend	-0.1	2.4
	Seasonally adjusted	-0.2	1.5
GDP chain price index
	Original	-	5.7
Terms of trade
	Seasonally adjusted	1.1	22.2
Real net national disposable income
	Trend	1.1	9.1
	Seasonally adjusted	0.5	8.7
- nil or rounded to zero (including null cells)

GDP growth rates, Volume measures, quarterly change

Contributions to GDP growth, Seasonally adjusted

DECEMBER KEY POINTS


KEY AGGREGATES

• In trend terms, GDP increased 0.5% and Non-farm GDP increased 0.3% in the December quarter 2010. GDP per hour worked in the market sector rose 0.2% and the Terms of trade rose 1.5%.
• In seasonally adjusted terms, GDP increased by 0.7% in the December quarter and Non-farm GDP rose 0.8%. The Terms of trade rose 1.1% and Real gross domestic income rose 1.1%.

EXPENDITURE ON GDP

• In seasonally adjusted terms, the main positive contributors to expenditure on GDP were Private gross fixed capital formation on Machinery and equipment (0.3 percentage points) and Inventories (0.8 percentage points). Private gross fixed capital formation on Non-dwelling construction (-0.2 percentage points) was the largest negative contributor.

INDUSTRY GROSS VALUE ADDED

• In seasonally adjusted terms, Professional, scientific and technical services (up 5.0%) contributed 0.3 percentage points and Finance and insurance services (up 1.5%) contributed 0.2 points to growth.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
March 2011	1 June 2011
June 2011	7 September 2011
September 2011	7 December 2011
December 2011	7 March 2012

REVISIONS IN THIS ISSUE

There are revisions in this issue to incorporate new data, the largest changes being to estimates of Agricultural gross value added and Agricultural income.


FLOODS

Flooding in Queensland began in late December 2010. While the floods have had some effect on the December quarter estimates, it is expected that the more significant economic impact of this and floods in other states will be reflected in the estimates for the March quarter 2011 release of this publication. A description of where the floods and the associated recovery efforts will affect the national accounts is included in the analysis and comments section of this release.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National Accounts on Canberra (02) 6252 6711, email <national.accounts@ abs.gov.au>.


SUMMARY COMMENTARY