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5206.0 - Australian National Accounts: National Income, Expenditure and Product, Sep 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/12/2003   
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KEY FIGURES


% change
Jun qtr 03 to
Sep qtr 03
% change
Sep qtr 02 to
Sep qtr 03

GDP (Chain volume measure)
Trend
0.7
2.5
Seasonally adjusted
1.2
2.6
Final consumption expenditure (Chain volume measure)
Trend
1.1
3.9
Seasonally adjusted
1.5
4.2
Gross fixed capital formation (Chain volume measure)
Trend
0.4
6.6
Seasonally adjusted
0.4
7.3
GDP chain price index
Original
0.7
2.6
Terms of trade
Seasonally adjusted
2.8
5.0
Real net national disposable income
Trend
0.9
2.5
Seasonally adjusted
1.8
2.6


Graph - GDP-Trend Graph - GDP-Trend


KEY POINTS

Trend estimates
  • In volume terms, GDP increased by 0.7% in the September quarter, GDP per capita grew by 0.4%, GDP per hour worked in the market sector grew by 1.2% and real gross domestic income grew by 1.0%.

Seasonally adjusted estimates
  • In volume terms, GDP increased by 1.2% in the September quarter. Non-farm GDP rose by 0.8% while farm GDP rose by 17.3%, reflecting the improved conditions for the farm sector.
  • On the expenditure side the increase in GDP was driven by growth in household final consumption expenditure (+1.0 percentage points), and private gross fixed capital formation on machinery and equipment (+0.5 percentage points). These were partially offset by negative contributions from net exports (-0.5 percentage points) and public gross fixed capital formation (-0.4 percentage points).
  • On the production side there were notable positive contributions from agriculture (0.4 percentage points), property and business services and transport and storage (each 0.2 percentage points). A range of industries contributed 0.1 percentage points.


NOTES


FEATURE ARTICLE

A feature article, titled 'Statistical Treatment of Economic Activity in the Timor Sea'.

REVISIONS IN THIS ISSUE

Revisions have been made to a number of aggregates. Their net effect on the June quarter 2003 estimate of seasonally adjusted 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. First, there are the normal quarterly revisions due to the incorporation of more up-to-date source data. In particular, government final consumption expenditure in 2002-03 has been revised upwards, due to some sales of goods and services being reclassified as other non-taxation revenue. Second, the quarterly series have been benchmarked to revised data from the annual supply and use tables for 1999-2000 to 2001-02. The revised annual benchmarks were first published in the Australian System of National Accounts (cat. no. 5204.0) released on 5 November 2003. Third, a major source of revision to quarter-on-quarter growth rates has been the annual seasonal reanalysis that is undertaken on all series. This has caused revisions in all 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 pages 14 and 15.

CHANGES IN THIS ISSUE

As announced in the June quarter 2003 release of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0), changes have been made to the format of this publication. The changes, developed in consultation with users of 5206.0, involve a rearrangement of currently published times series into different tables, the introduction of additional series and the move of some time series into an electronic only release format. At the same time the opportunity has been taken to include in the paper publication some additional information, such as a contents page, a complete listing of available electronic tables and a glossary.

FURTHER INFORMATION

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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