DECEMBER KEY FIGURES

		% change Sep qtr 13 to Dec qtr 13	% change Dec qtr 12 to Dec qtr 13
GDP (Chain volume measure)
	Trend	0.7	2.7
	Seasonally adjusted	0.8	2.8
Final consumption expenditure (Chain volume measure)
	Trend	0.7	2.4
	Seasonally adjusted	0.7	2.6
Gross fixed capital formation (Chain volume measure)
	Trend	-	-0.9
	Seasonally adjusted	-1.2	-2.4
GDP chain price index
	Original	0.7	2.2
Terms of trade
	Seasonally adjusted	0.6	-1.2
Real net national disposable income
	Trend	0.2	1.2
	Seasonally adjusted	0.7	1.8
- 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 0.7% in the December quarter 2013. Gross value added per hour worked in the market sector rose 0.6% and the Terms of trade fell 0.9%.
• In seasonally adjusted terms, GDP increased by 0.8% in the December quarter. The Terms of trade increased 0.6%, and Real gross domestic income increased 0.9%.

EXPENDITURE ON GDP

• In seasonally adjusted terms, the contributors to expenditure on GDP were Net Exports (0.6 percentage points), Final consumption expenditure (0.5 percentage points), Public gross fixed capital formation (0.2 percentage points) and Changes in inventories (0.2 percentage points). The main detractor was Private gross fixed capital formation (-0.5 percentage points).

INDUSTRY GROSS VALUE ADDED

• In seasonally adjusted terms, the main contributors to GDP were Mining (up 1.2%), Rental, hiring and real estate services (up 4.2%) and Manufacturing (up 1.5%). These industries each contributed 0.1 percentage points to the increase in GDP.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
March 2014	4 June 2014
June 2014	3 September 2014
September 2014	3 December 2014
December 2014	4 March 2015

REVISIONS IN THIS ISSUE

Revisions have been made to the New and used dwellings and Alterations and additions components of the Private gross fixed capital formation - Dwellings series compared to estimates published in, Australian System of National Accounts, 2012-13 (ABS cat. no. 5204.0). These revisions only impact the dwelling sub-component estimates and are evident in both current price and chain volume terms. Higher level aggregates such as Total private dwellings, Total private gross fixed capital formation and Gross domestic product are unaffected by these changes.

A change has been made to the seasonal adjustment as it applies to the national total of the New engineering construction component of Non-dwelling construction. Previously, the national total was seasonally adjusted independently of State components. The national total is now compiled by summing the seasonally adjusted estimates of States. This has generated revisions in both current price and chain volume terms. Seasonally adjusted higher level aggregates such as Total non-dwelling construction, Total private gross fixed capital formation and Gross domestic product are impacted by this change. Seasonally adjusted estimates of State final demand are unaffected.


LABOUR FORCE ESTIMATES

Labour force estimates in this issue are based on population benchmarks from the 2006 Census Population and Housing to ensure comparability across all estimates.


FEATURE ARTICLE

This issue includes a feature article titled Impact of second-hand fixed assets on Gross Domestic Product.


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.