5206.0 - Australian National Accounts: National Income, Expenditure and Product, Mar 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/06/2004   
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Trend
Seasonally adjusted
Quarterly % change Dec 03 to Mar 04
Annual % change Mar 03 to Mar 04
% points contribution to growth in GDP Dec 03 to Mar 04
Quarterly % change Dec 03 to Mar 04
Annual % change Mar 03 to Mar 04
% points contribution to growth in GDP Dec 03 to Mar 04

Final consumption expenditure
General Government
0.4
2.1
0.1
0.2
2.2
-
Households
1.6
6.2
1.0
1.2
6.2
0.8
Gross fixed capital formation
Private
Dwellings
2.3
7.0
0.1
-1.3
3.1
-0.1
Business investment
1.3
9.4
0.2
-1.1
7.4
-0.2
Ownership transfer costs
-2.0
-0.2
-
-10.5
-3.6
-0.2
Public
0.6
1.4
-
-3.2
2.5
-0.1
Changes in inventories
Private non-farm
. .
. .
-
. .
. .
1.1
Farm and public authority
. .
. .
-
. .
. .
-
Gross national expenditure
1.2
6.0
1.3
1.2
5.8
1.3
Exports of goods and services
2.2
2.4
0.4
2.2
1.1
0.4
Imports of goods and services
4.4
15.2
-1.1
7.0
16.6
-1.8
Statistical discrepancy (E)
. .
. .
0.3
. .
. .
0.2
Gross domestic product
0.8
3.7
0.8
0.2
3.2
0.2

. . not applicable
- nil or rounded to zero (including null cells)



MARCH QUARTER

Summary Comments

Final Consumption Expenditure

  • Household consumption grew by 1.6% in trend terms (up 1.2% seasonally adjusted). The strongest trend growth rates were recorded for recreation and culture, up 3.0% (up 0.3% seasonally adjusted) and transport services, up 2.9% (up 2.8 seasonally adjusted). Purchase of vehicles showed 7.4% growth in seasonally adjusted terms, the highest quarterly growth since September quarter 2000. Government consumption grew by 0.4% in trend terms (up 0.2% seasonally adjusted), with state and local government the major contributor.

Private gross fixed capital formation
  • Trend private GFCF rose by 1.2% with non-dwelling construction and dwelling investment rising most strongly. Seasonally adjusted, private GFCF fell by 1.9%. Machinery and equipment fell 1.5%, non-dwelling construction fell 0.3% (despite strong growth in new engineering construction) and dwelling investment fell 1.3%, driven by a fall in alterations and additions.

Changes in inventories
  • Trend changes in inventories fell slightly, down by $24 million. In seasonally adjusted terms changes in inventories rose $2,033 million, driven by wholesaling inventories (up $1,289 million) and retailing inventories (up $1,260 million).

Exports and imports of goods and services
  • Trend exports of goods and services rose by 2.2% (up 2.2% seasonally adjusted). In seasonally adjusted terms, exports of goods rose 2.9% while exports of services fell 0.1% following the contribution of the Rugby World Cup in December quarter.
  • Trend imports of goods and services rose by 4.4% (up 7.0% seasonally adjusted). Seasonally adjusted, imports of goods rose 7.6% with fuels and lubricants and telecommunication equipment making strong contributions. Imports of services rose 4.6%.