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5206.0 - Australian National Accounts: National Income, Expenditure and Product, Sep 2008 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/12/2008   
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SEPTEMBER KEY FIGURES

% change Jun qtr 08 to Sep qtr 08
% change Sep qtr 07 to Sep qtr 08

GDP (Chain volume measure)
Trend
0.2
2.0
Seasonally adjusted
0.1
1.9
Final consumption expenditure (Chain volume measure)
Trend
0.2
2.1
Seasonally adjusted
0.2
2.2
Gross fixed capital formation (Chain volume measure)
Trend
2.0
9.1
Seasonally adjusted
0.8
9.1
GDP chain price index
Original
2.6
8.8
Terms of trade
Seasonally adjusted
5.6
20.6
Real net national disposable income
Trend
2.3
7.4
Seasonally adjusted
2.3
7.6


GDP growth rates, Volume measures, quarterly change
Graph: GDP growth rates, Volume measures, quarterly change

Contributions to GDP growth, Expenditure: Seasonally adjusted
Graph: Contributions to GDP growth, Expenditure: Seasonally adjusted




SEPTEMBER KEY POINTS


KEY AGGREGATES
  • In trend terms, GDP increased 0.2% and Non-farm GDP increased by 0.2%. GDP per hour worked in the market sector was flat and the Household saving ratio was 2.9.
  • In seasonally adjusted terms, GDP increased by 0.1% in the September quarter. Non-farm GDP decreased by 0.3%. The Terms of trade rose 5.6% and Real gross domestic income rose 1.4%.


EXPENDITURE ON GDP
  • In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were Engineering construction investment (0.4 percentage points), Public gross fixed capital formation (0.2 percentage points) and Inventories (0.2 percentage points). The largest negative contributions came from Imports (-0.4 percentage points), Ownership transfer costs (-0.2 percentage points) and New building (-0.1 percentage points).


INDUSTRY GROSS VALUE ADDED
  • In seasonally adjusted terms, Agriculture, forestry and fishing contributed 0.3 percentage points to GDP growth, while Construction contributed 0.1 percentage points. Transport and storage, Property and business services, and Finance and Insurance services all detracted 0.1 percentage points.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
December 2008 4 March 2009
March 2009 3 June 2009



REVISIONS IN THIS ISSUE

Revisions have been made to a number of aggregates as follows:
  • the balancing of the three measures of GDP for the 2006-07 year
  • a new base year, 2006-07, has been introduced into the chain volume estimates which has resulted in minor revisions to growth rates in subsequent periods. In addition, the chain volume estimates have been re-referenced to 2006-07. Additivity is preserved in the quarters of the reference year and subsequent quarters. Re-referencing affects the level of, but not the movements in, chain volume estimates.
  • the normal quarterly revisions due to the incorporation of more up-to-date source data and concurrent seasonal adjustment. Of note are revisions to quarters from 2007-08 onwards in the value added for agriculture, forestry and fishing and to the expenditure estimates of equipment and engineering construction.

The overall effect of these revisions has been to increase growth in the seasonally adjusted volume measure of GDP in June quarter 2008 by 0.1 percentage points.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Daniel Smith on Canberra (02) 6252 6713, email <national.accounts@ abs.gov.au>.


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