• Summary
• Downloads
• Explanatory Notes
• Related Information
• Past Releases

			Trend			Seasonally adjusted
			Quarterly % change Dec 03 to Mar 04	Annual % change Mar 03 to Mar 04	% points contribution to growth in GDP Dec 03 to Mar 04	Quarterly % change Dec 03 to Mar 04	Annual % change Mar 03 to Mar 04	% points contribution to growth in GDP Dec 03 to Mar 04
Final consumption expenditure
	General Government		0.4	2.1	0.1	0.2	2.2	-
	Households		1.6	6.2	1.0	1.2	6.2	0.8
Gross fixed capital formation
	Private
		Dwellings	2.3	7.0	0.1	-1.3	3.1	-0.1
		Business investment	1.3	9.4	0.2	-1.1	7.4	-0.2
		Ownership transfer costs	-2.0	-0.2	-	-10.5	-3.6	-0.2
	Public		0.6	1.4	-	-3.2	2.5	-0.1
Changes in inventories
	Private non-farm		. .	. .	-	. .	. .	1.1
	Farm and public authority		. .	. .	-	. .	. .	-
Gross national expenditure			1.2	6.0	1.3	1.2	5.8	1.3
Exports of goods and services			2.2	2.4	0.4	2.2	1.1	0.4
Imports of goods and services			4.4	15.2	-1.1	7.0	16.6	-1.8
Statistical discrepancy (E)			. .	. .	0.3	. .	. .	0.2
Gross domestic product			0.8	3.7	0.8	0.2	3.2	0.2
. . not applicable
- nil or rounded to zero (including null cells)

MARCH QUARTER

Summary Comments

Final Consumption Expenditure

• Household consumption grew by 1.6% in trend terms (up 1.2% seasonally adjusted). The strongest trend growth rates were recorded for recreation and culture, up 3.0% (up 0.3% seasonally adjusted) and transport services, up 2.9% (up 2.8 seasonally adjusted). Purchase of vehicles showed 7.4% growth in seasonally adjusted terms, the highest quarterly growth since September quarter 2000. Government consumption grew by 0.4% in trend terms (up 0.2% seasonally adjusted), with state and local government the major contributor.

• Trend private GFCF rose by 1.2% with non-dwelling construction and dwelling investment rising most strongly. Seasonally adjusted, private GFCF fell by 1.9%. Machinery and equipment fell 1.5%, non-dwelling construction fell 0.3% (despite strong growth in new engineering construction) and dwelling investment fell 1.3%, driven by a fall in alterations and additions.

• Trend changes in inventories fell slightly, down by $24 million. In seasonally adjusted terms changes in inventories rose $2,033 million, driven by wholesaling inventories (up $1,289 million) and retailing inventories (up $1,260 million).

• Trend exports of goods and services rose by 2.2% (up 2.2% seasonally adjusted). In seasonally adjusted terms, exports of goods rose 2.9% while exports of services fell 0.1% following the contribution of the Rugby World Cup in December quarter.
• Trend imports of goods and services rose by 4.4% (up 7.0% seasonally adjusted). Seasonally adjusted, imports of goods rose 7.6% with fuels and lubricants and telecommunication equipment making strong contributions. Imports of services rose 4.6%.