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5206.0 - Australian National Accounts: National Income, Expenditure and Product, Sep 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/12/2004   
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SEPTEMBER KEY FIGURES

% change Jun qtr 04 to Sep qtr 04
% change Sep qtr 03 to Sep qtr 04

GDP (Chain volume measure)
Trend
0.5
3.2
Seasonally adjusted
0.3
3.0
Final consumption expenditure (Chain volume measure)
Trend
0.9
4.8
Seasonally adjusted
1.2
4.9
Gross fixed capital formation (Chain volume measure)
Trend
0.6
5.4
Seasonally adjusted
0.6
5.8
GDP chain price index
Original
0.8
4.2
Terms of trade
Seasonally adjusted
2.3
10.8
Real net national disposable income
Trend
0.9
5.7
Seasonally adjusted
0.3
5.0

GDP - Trend, Chain Volume Measure, qtly change
Graph: GDP Trend, Chain volume measure, Quarterly percentage change

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



SEPTEMBER KEY POINTS


TREND ESTIMATES

  • In volume terms GDP increased by 0.5% in the September quarter. GDP per capita grew by 0.1%, GDP per hour worked in the market sector fell by 0.3% and real net national disposable income grew by 0.9%.


SEASONALLY ADJUSTED ESTIMATES
  • In volume terms GDP increased by 0.3% in the September quarter. Non-farm GDP grew 0.3% while farm GDP grew 0.6%. Continued growth in the terms of trade is being reflected in growth in real net national disposable income of 0.3% in the September quarter and 5.0% since September quarter 2003. The terms of trade has risen 10.8% since September quarter 2003.
  • On the expenditure side the increase in GDP was driven by growth in household final consumption expenditure (+0.6 percentage points) and private gross fixed capital formation on machinery and equipment (+0.4 percentage points). These were offset by negative contributions from changes in net exports (-0.8 percentage points) and private non-farm inventories (-0.7 percentage points).
  • On the production side there were small positive contributions from a number of industries, with two industries (manufacturing and accommodation, cafes and restaurants) detracting from GDP growth.


NOTES

REVISIONS IN THIS ISSUE

Revisions have been made to a number of aggregates. Their net effect on the June quarter 2004 estimate of seasonally adjusted gross domestic product (GDP) (in chain volume terms) has been to increase quarterly growth by 0.2 percentage points.


The causes of the revisions fall into three categories:

  • there are the normal quarterly revisions due to the incorporation of more up-to-date source data
  • the quarterly series have been benchmarked to revised data from the annual supply and use tables for 2000-01 to 2002-03. The revised annual benchmarks were first published in the Australian System of National Accounts (cat. no. 5204.0) released on 10 November 2004
  • the annual seasonal reanalysis that is undertaken on all series. This has caused revisions in all seasonally adjusted series to varying degrees. Seasonally adjusted movements in GDP have been largely unaffected by the revisions to component series.

More details on the revisions to the estimates are presented in the Analysis and comments section on page 13.



NATIONAL ACCOUNTS QUARTERLY PRESENTATIONS

The National Accounts Branch runs a series of presentations in each Australian Bureau of Statistics (ABS) state and territory office following the release of the quarterly national accounts. The presentations cover movements in GDP and its components and specific state detail.


For more information, including contact details, please refer to the National Accounts theme page on the ABS web site <http://www.abs.gov.au>.



INQUIRIES

For further information contact Michael Anderson on Canberra (02) 6252 6713 for income & consumption estimates, and Patricia Mahony on Canberra (02) 6252 6711 for investment, trade & industry estimates.


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