Gross State Product (GSP) is the total market value of goods and services produced in Tasmania within a given period after deducting the cost of goods and services used up in the process of production, but before deducting allowances for the consumption of fixed capital.
Tasmania's Gross State Product (GSP) for 2005-06 was $16.5 billion, an increase of $492.0 billion or 3.1% on the 2004-05 figure. Of the $16.5 billion GSP recorded in 2005-06, the largest component, $11.2 billion (67.9% of total), was from household final consumption expenditure. Some $4.0 billion (24.3% of total) was from government final consumption expenditure.
COMPONENTS OF GROSS STATE PRODUCT, Tasmania - Chain Volume Measures(a)
|
| 2000-01 | 2001-02 | 2002-03 | 2003-04 | 2004-05 | 2005-06 |
| | | | | | |
| $m | $m | $m | $m | $m | $m |
|
Government final consumption expenditure | 3382 | 3512 | 3607 | 3800 | 3900 | 4017 |
Household final consumption expenditure | 9071 | 9342 | 9586 | 10253 | 10862 | 11243 |
Private gross fixed capital formation | 1861 | 2379 | 2458 | 2905 | 3319 | 3679 |
Public corporations gross fixed capital formation | 225 | 551 | 363 | 434 | 409 | 460 |
General government gross fixed capital formation | 299 | 340 | 355 | 360 | 472 | 461 |
State final demand | 14835 | 16129 | 16367 | 17751 | 18962 | 19860 |
| | | | | | |
International trade - exports of goods | 2576 | 2618 | 2746 | 2578 | 2641 | 2574 |
Less international trade - imports of goods | 431 | 443 | 686 | 679 | 601 | 498 |
International trade - exports of services | 329 | 283 | 281 | 283 | 319 | 353 |
Less international trade - imports of services | 183 | 240 | 172 | 186 | 226 | 206 |
Balancing item(b) | -3313 | -3767 | -3611 | -4329 | -5041 | -5537 |
| | | | | | |
Gross State Product(c) | 13813 | 14580 | 14926 | 15418 | 16054 | 16546 |
(a) Reference year for chain volume measures is 2004-05.
(b) Calculated as the residual of GSP less state final demand less international trade in exports of goods and services, plus international trade in imports of goods and services. The balancing item implicitly comprises changes in inventories, total net interstate trade and statistical discrepancy.
(c) Experimental series. Users are cautioned that these estimates are derived indirectly by calculating a deflator from the expenditure component of the state series concerned. Therefore, in general, the sum of the state estimates does not equal the estimates for Australia. It is emphasised that, at times, there may be movements that cannot be fully explained in the chain volume estimates of GSP through the use of this proxy deflator (see Technical Note on page vi of the 1993-94 issue of Australian National Accounts: State Accounts - cat. no. 5220.0).
Source: Australian National Accounts, State Accounts (cat. no. 5220.0). |