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5220.0.55.002 - Information paper: Gross State Product using the Production approach GSP(P), 2007  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 14/09/2007  First Issue
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VICTORIA

Victoria is the second largest state in Australia in terms of GSP. In 2005-06 it represented around a quarter of Australian GDP in level terms.

Gross state product, Victoria - Chain volume measures(a)

2000-01
2001-02
2002-03
2003-04
2004-05
2005-06

Values ($m)

GSP(A)
194 937
202 079
208 277
217 263
221 804
227 149
GSP(P)
196 633
203 149
210 270
217 421
221 386
226 100
GSP(I/E)
193 241
201 010
206 283
217 105
222 221
228 198
GDP
784 017
813 542
839 187
873 197
896 568
921 747

Percentage changes from previous year (%)

GSP(A)
0.9
3.7
3.1
4.3
2.1
2.4
GSP(P)
0.2
3.3
3.5
3.4
1.8
2.1
GSP(I/E)
1.5
4.0
2.6
5.2
2.4
2.7

(a) Reference year for chain volume measures is 2004-05.

Gross State Product, Victoria - Chain volume measures(a): Percentage changes from previous year
Graph: Gross State Product, Victoria—Chain volume measures(a): Percentage changes from previous year



The first two years of the time series saw negative growth in GSP(P) for Victoria. All years following had positive, and mostly strong growth.


As can be seen from the graph, growth in GSP(P) and GSP(I/E) are close throughout the time series except for 1998-99 and 2003-04.

Difference between GSP(A) and GSP(I/E), Percentage changes - Victoria: Chain volume measures(a)
Graph: Difference between GSP(A) and GSP(I/E), Percentage changes—Victoria: Chain volume measures(a)



Throughout the time series, the difference between GSP(A) and GSP(I/E) growth has been less than 1.0 percentage point.

GSP, Victoria - Chain volume measures(a): Contribution to growth

2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
% pts
% pts
% pts
% pts
% pts
% pts

Agriculture, forestry & fishing
0.2
0.1
-0.7
0.7
-0.1
0.1
Mining
-0.2
-
-0.2
-
-0.2
-0.1
Manufacturing
-0.1
-0.1
0.2
-0.2
-0.5
-0.4
Electricity, gas & water supply
-0.1
-
0.1
-
-
-0.1
Construction
-0.7
0.6
0.7
0.4
0.2
0.3
Wholesale trade
-0.3
-
0.7
0.6
0.1
-0.1
Retail trade
0.1
0.4
0.3
0.3
0.3
-
Accommodation, cafes & restaurants
-
0.1
-
0.2
0.1
-
Transport & storage
0.3
0.1
0.4
0.1
0.3
0.1
Communication services
-
0.1
0.3
0.2
0.1
0.2
Finance & insurance
-
0.3
0.2
0.3
0.1
0.3
Property & business services
0.1
0.5
0.3
-0.1
0.1
0.6
Government administration & defence
0.2
0.3
-
-
-
-
Education
0.1
0.1
0.1
0.1
0.1
0.1
Health & community services
0.2
0.3
0.4
0.2
0.3
0.3
Cultural & recreational services
0.1
0.1
-
0.1
0.1
0.1
Personal & other services
0.1
0.1
-
-
0.1
0.2
Ownership of dwellings
0.3
0.3
0.3
0.3
0.3
0.3
Taxes less subsidies on products
-0.2
0.4
0.6
0.3
0.3
0.2
Statistical discrepancy
0.6
0.3
-0.5
0.9
0.3
0.2
GSP(A)
0.9
3.7
3.1
4.3
2.1
2.4

- nil or rounded to zero (including null cells)
(a) Reference year for chain volume measures is 2004-05.


In 2005-06 the main industries that contributed to Victorian GSP growth were Property and business services (0.6 percentage points), Construction, Finance and insurance, Health and community services and Ownership of dwellings (each 0.3 percentage points). The main negative contributing industry in 2005-06 was Manufacturing (-0.4 percentage points).

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