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1301.0 - Year Book Australia, 2012  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 24/05/2012   
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Industry structure and performance

VALUE OF GOODS AND SERVICES PRODUCED BY AUSTRALIAN INDUSTRY

One measure of the importance of an industry is its contribution to the Australian economy. The size of the Australian economy is typically described in terms of gross domestic product (GDP), and the structure and performance of the economy in terms of industry gross value added (GVA).

GDP is an estimate of the total market value of goods and services produced in Australia, in a given period, after deducting the cost of goods and services used up in the process of production (intermediate consumption), but before deducting the allowances for the consumption of fixed capital (depreciation). This measure avoids double counting the goods and services produced at successive stages of production. As a result, this is also described as the unduplicated value of economic production.

Industry GVA is the term used to describe the unduplicated value of goods and services produced by individual industries. This measure removes the distortion caused by variations of taxes and subsidies across individual industries. Movements in the volume measures of GDP and industry GVA (from which the direct effects of price changes have been removed) are key indicators of economic growth. More information is provided in chapter 30 NATIONAL ACCOUNTS.

Table 15.1 provides volume measures of industry GVA and GDP for 2010–11. Data are presented at a broad industry level according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006 (1292.0) In the ANZSIC, individual businesses are assigned an appropriate industry category on the basis of their predominant activities. The table provides estimates of the unduplicated production of goods and services (industry GVA) from 2006–07 to 2010–11. Note that the sum of industries' GVA does not add up to GDP as the former do not include taxes less subsides on products (taxes less subsidies on products relate to products sold rather than industries producing them and therefore cannot be reliably allocated to industries).

In 2010–11, the value of Australian production (GDP) was $1,320 billion (in volume terms), an increase of 2.1% from 2009–10. In 2010–11, the ratio of GDP to the estimated resident population (GDP per capita) was $58,114.

15.1 INDUSTRY GROSS VALUE ADDED AND GROSS DOMESTIC PRODUCT, Volume measures(a)
2006–07
2007–08
2008–09
2009–10
2010–11
ANZSIC Division(b)
$m
$m
$m
$m
$m

Agriculture, forestry and fishing
23 139
24 743
29 109
28 764
31 383
Mining
86 446
88 193
90 507
96 105
95 512
Manufacturing
108 703
113 062
106 363
107 707
107 845
Electricity, gas, water and waste services
26 798
26 866
27 894
28 623
28 922
Construction
86 469
92 516
95 292
95 804
101 868
Wholesale trade
51 168
52 692
53 379
55 128
54 794
Retail trade
54 551
57 154
57 179
58 258
59 092
Accommodation and food services
31 381
31 288
30 152
29 474
29 941
Transport, postal and warehousing
61 288
64 635
63 885
65 392
67 720
Information media and telecommunications
38 472
40 867
41 336
41 823
42 367
Financial and insurance services
115 172
124 241
123 627
125 399
127 984
Rental, hiring and real estate services(c)
26 488
25 613
26 782
27 260
26 736
Professional, scientific and technical services
69 488
71 666
74 736
81 043
86 604
Administrative and support services
31 059
32 758
30 714
30 246
32 254
Public administration and safety
60 302
60 621
64 090
64 117
65 266
Education and training
52 890
53 996
55 596
57 546
58 821
Health care and social assistance
62 097
65 193
68 807
72 627
74 307
Arts and recreation services
9 906
10 135
10 907
10 911
11 172
Other services
22 955
23 384
23 808
23 548
22 671
Ownership of dwellings
94 980
97 449
100 330
103 271
105 895
Gross domestic product(d)
1 201 563
1 246 899
1 263 934
1 293 380
1 320 057

(a) Reference year is 2009–10.
(b) Classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006 (1292.0).
(c) Excludes ownership of dwellings.
(d) Sum of industry gross value added does not equal gross domestic product.
Source: Australian System of National Accounts, 2010–11 (5204.0).


Graph 15.2 shows the average annual simple rate of growth in GVA (in volume terms) for individual industries between 2000–01 and 2010–11. The Financial and insurance services and the Construction industry had the highest average annual rate of growth (just over 5%), followed by the Professional, scientific and technical services industry (4.8%) and the Health care and social assistance industry (4.6%).

While average annual growth rates provide an indicator of the broad underlying behaviour of the annual series over several years, these averages smooth the annual movements in the series and mask the highest and lowest movements. In terms of year-on-year changes, some fast growing industries in this period showed fluctuating trends of GVA throughout the decade. While the Financial and insurance services industry GVA grew 12% between 2005–06 and 2006–07, it fell 0.5% two years later. Similarly, the Construction industry experienced a 16% GVA growth between 2001–02 and 2002–03, and almost no growth between 2008–09 and 2009–10. In 2010–11, the GVA of the Construction industry rose 6.3% and the GVA of the Financial and insurance services industry rose 2.1%. The Professional, scientific and technical services industry has also shown fluctuating growth during the period, ranging from 11% at the beginning of the decade to 1.4% at mid-decade. In 2010–11, the GVA of this industry rose 6.9%.

The year-on-year changes for the Agriculture, forestry and fishing industry also varied significantly over time. While the value of production (GVA) of this industry grew 3.2% on average each year between 2000–01 and 2010–11, it fell 24% in 2002–03 and 15% in 2006–07, due largely to the effects of drought on agricultural production. In both cases, this decline was followed by strong growth in 2003–04 and 2008–09 after the drought period. Between 2009–10 and 2010–11, the Agriculture, forestry and fishing industry grew 9.1%.

15.2 Average annual rate of growth in the production of goods^and services(a)(b) - 2000–01 to 2010–11



Graph 15.3 shows industry GVA shares of GDP for 2000–01 and 2010–11. The Financial and insurance services industry contributed the largest share to GDP (9.7%) in 2010–11, followed by Manufacturing (8.2%), Construction (7.8%) and Mining (7.3%).

Between 2000–01 and 2010–11, the largest increase in industry GVA share of GDP was for Construction (up 2.8 percentage points) and Financial and insurance services (up 2.6 percentage points). The largest fall in industry share of GDP in the period was Manufacturing (down 1.5 percentage points).

15.3 Contribution to Gross Domestic Product(a)

 

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Statistics contained in the Year Book are the most recent available at the time of preparation. In many cases, the ABS website and the websites of other organisations provide access to more recent data. Each Year Book table or graph and the bibliography at the end of each chapter provides hyperlinks to the most up to date data release where available.


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