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1360.0 - Measuring Australia's Economy, 2003  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 03/02/2003   
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The Australian economy, as measured by the chain volume estimates of GDP, grew during the late 1980s. This was followed by a sustained decline in economic activity (a recession) from September quarter 1990 to September quarter 1991 with 5 quarterly decreases in the trend chain volume estimates of GDP. In the eleven years since the recession in 1990-91 GDP grew in every year. Although growth in 1991-92 was relatively low (0.3%), by 1994-95 it had accelerated to 4.3%. It has subsequently been above 3.5%, except for 2000-01 when it was 2%. GDP growth in 2001-02 was 3.8%.



GROSS DOMESTIC PRODUCT, Chain Volume Measures(a)

GDP
$m

ANNUAL

1996-97
575,950
1997-98
601,614
1998-99
633,723
1999-2000
659,002
2000-01
672,232
2001-02
697,607

QUARTERLY (TREND)

2000-01
December
167,314
March
168,143
June
169,888
2001-02
September
172,010
December
173,773
March
175,238
June
176,438

(a) Reference year for chain volume measures is 2000-01

Source: Australian National Accounts: National Income, Expenditure and Product (5206.0).


Explanatory Notes

Gross domestic product (GDP) is an aggregate measure of the value of economic production in Australia in a given period.

There are three ways of measuring GDP: the value of goods and services produced by an industry less the costs of production (production approach); the sum of incomes generated by production (income approach); and the sum of final expenditure on goods and services produced, plus exports minus imports (expenditure approach). An average of the three approaches is calculated and referred to as GDP.

From 1994-95 the Australian national accounts have been benchmarked to annual supply and use tables, thereby eliminating statistical discrepancies between the various measures of GDP. However, as no supply and use tables are available for the latest financial year and for years prior to 1994-95, discrepancies are recorded between the average measure of GDP and the income, expenditure and production based measures for those years. Furthermore, there are discrepancies for all quarters.


Further Reading

Australian National Accounts: Concepts, Sources and Methods (5216.0)
Contains a detailed explanation of the system of Australian national accounts outlining major concepts and definitions.

Australian National Accounts: National Income, Expenditure and Product (5206.0)
Provides a detailed presentation of quarterly national accounts at both current prices and chain volume measures in original, seasonally adjusted and trend terms.

Australian System of National Accounts (5204.0)
Contains a comprehensive range of annual national accounts data.

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