1360.0 - Measuring Australia's Economy, 2003
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 03/02/2003
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The Australian economy, as measured by the chain volume estimates of GDP, grew during the late 1980s. This was followed by a sustained decline in economic activity (a recession) from September quarter 1990 to September quarter 1991 with 5 quarterly decreases in the trend chain volume estimates of GDP. In the eleven years since the recession in 1990-91 GDP grew in every year. Although growth in 1991-92 was relatively low (0.3%), by 1994-95 it had accelerated to 4.3%. It has subsequently been above 3.5%, except for 2000-01 when it was 2%. GDP growth in 2001-02 was 3.8%.
Explanatory Notes Gross domestic product (GDP) is an aggregate measure of the value of economic production in Australia in a given period. There are three ways of measuring GDP: the value of goods and services produced by an industry less the costs of production (production approach); the sum of incomes generated by production (income approach); and the sum of final expenditure on goods and services produced, plus exports minus imports (expenditure approach). An average of the three approaches is calculated and referred to as GDP. From 1994-95 the Australian national accounts have been benchmarked to annual supply and use tables, thereby eliminating statistical discrepancies between the various measures of GDP. However, as no supply and use tables are available for the latest financial year and for years prior to 1994-95, discrepancies are recorded between the average measure of GDP and the income, expenditure and production based measures for those years. Furthermore, there are discrepancies for all quarters. Further Reading Australian National Accounts: Concepts, Sources and Methods (5216.0) Contains a detailed explanation of the system of Australian national accounts outlining major concepts and definitions. Australian National Accounts: National Income, Expenditure and Product (5206.0) Provides a detailed presentation of quarterly national accounts at both current prices and chain volume measures in original, seasonally adjusted and trend terms. Australian System of National Accounts (5204.0) Contains a comprehensive range of annual national accounts data.
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