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5206.0 - Australian National Accounts: National Income, Expenditure and Product, Dec 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/03/2008   
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DECEMBER KEY FIGURES

% change Sep qtr 07
to Dec qtr 07
% change Dec qtr 06
to Dec qtr 07

GDP (Chain volume measure)
Trend
0.8
3.9
Seasonally adjusted
0.6
3.9
Final consumption expenditure (Chain volume measure)
Trend
1.2
4.3
Seasonally adjusted
1.6
4.7
Gross fixed capital formation (Chain volume measure)
Trend
0.9
8.2
Seasonally adjusted
1.4
8.2
GDP chain price index
Original
0.6
2.8
Terms of trade
Seasonally adjusted
0.7
1.3
Real net national disposable income
Trend
0.7
4.1
Seasonally adjusted
0.3
4.0

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



DECEMBER KEY POINTS


KEY AGGREGATES

  • In trend terms, GDP increased by 0.8% and Non-farm GDP rose 0.7% in the quarter. GDP per hour worked in the market sector rose 0.2% and the Household saving ratio was 2.1.
  • In seasonally adjusted terms, GDP increased by 0.6% in the December quarter. Non-farm GDP increased by 0.7%. The Terms of trade and Real gross domestic income both rose 0.7%.


EXPENDITURE ON GDP
  • In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were Household final consumption expenditure (0.9 percentage points) and New machinery and equipment (0.3 percentage points). The largest negative contribution came from Imports of goods and services (-0.8 percentage points).


INDUSTRY GROSS VALUE ADDED
  • In seasonally adjusted terms, Mining, Manufacturing, Retail, Communication services and Finance and insurance all contibuted 0.1 percentage points to GDP growth, while Construction and Property and business services both detracted 0.1 percentage points from GDP growth.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
March 2008 4 June 2008
June 2008 3 September 2008



REVISIONS IN THIS ISSUE

Revisions have been made to a number of aggregates as follows:
  • the normal quarterly revisions due to the incorporation of more up-to-date source data and concurrent seasonal adjustment. Of note are revisions to household consumption estimates in the quarters of 2006-07.

The overall effect of these revisions has been to increase growth in the seasonally adjusted volume measure of GDP in September quarter 2007 by 0.1 percentage points.



CHANGES IN THIS ISSUE

An improved methodology has been introduced in the December quarter for the holiday correction of the hours worked and hours worked in the market sector series which result in revisions throughout these series. As a result of these revisions to hours worked, GDP per hour worked and GDP per hour worked, market sector have also been revised.


A change has also been made to the indicator for the gross value added of the Finance and insurance industry to improve the scope and coverage of activity in this industry.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Steve Whennan on Canberra (02) 6252 6711, email national.accounts@ abs.gov.au.


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