1307.8 - Australian Capital Territory in Focus, 2007  
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Contents >> Economy >> Gross State Product

GROSS STATE PRODUCT

Gross State Product (GSP) is the state/territory equivalent of Gross Domestic Product (GDP) for Australia. It represents the total market value of goods and services produced within a state or territory 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.


In current prices, the Australian Capital Territory's (ACT) GSP was $19,477m in 2005-06, an increase of 5% over 2004-05. GSP increased by 3%, from $18,473m to $19,098m in chain volume terms over the same period. In comparison, Australia's GDP increased by 8% in current prices and 3% in chain volume terms between 2004-05 and 2005-06.

4.1 Gross State Product, ACT

Current prices
Chain volume measures (a)
$m
% change
$m
% change

2000-01
13 999
5.3
17 083
1.8
2001-02
14 830
5.9
17 443
2.1
2002-03
16 307
10.0
18 028
3.3
2003-04
17 500
7.3
18 108
0.4
2004-05
18 473
5.6
18 473
2.0
2005-06
19 477
5.4
19 098
3.4

(a) Experimental series. Users are cautioned these estimates are derived indirectly by calculating a deflator from the expenditure components. 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 the proxy deflator. Reference year for chain volume estimates is 2004-05.
Australian National Accounts: State Accounts, 2005-06 (cat. no. 5220.0).


The ACT's GSP per capita was $59,454 in current prices in 2005-06, an increase of 4% over 2004-05 and 26% higher than GDP per capita for Australia overall ($47,181).


In chain volume terms, GSP for the ACT was $58,297 per capita, which was 1% higher than in 2004-05 ($56,963). GDP per capita for Australia was $45,021 in 2005-06, 2% higher than in 2004-05 ($44,376). GSP for the ACT was 29% higher than Australia's GDP per capita in 2005-06, and the highest of all states and territories.

4.2 Gross State Product and Gross Domestic Product, ACT and Australia: Per capita

In current prices
Chain volume measures(a)
ACT
Australia
ACT
Australia
$
% change
$
% change
$
% change
$
% change

2000-01
44 187
4.2
35 769
5.6
53 920
0.7
40 686
0.7
2001-02
46 315
4.8
37 677
5.3
54 476
1.0
41 663
2.4
2002-03
50 582
9.2
39 574
5.0
55 919
2.6
42 486
2.0
2003-04
54 152
7.1
42 057
6.3
56 032
0.2
43 704
2.9
2004-05
56 963
5.2
44 376
5.5
56 963
1.7
44 376
1.5
2005-06
59 454
4.4
47 181
6.3
58 297
2.3
45 021
1.5

(a) Experimental series. Users are cautioned these estimates are derived indirectly by calculating a deflator from the expenditure components. 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 the proxy deflator. Reference year for chain volume estimates is 2004-05.
Australian National Accounts: State Accounts, 2005-06 (cat. no. 5220.0).


Total Factor Income (TFI) is gross state product less taxes plus subsidies and production and imports and comprises of compensation of employees and gross operating surplus. In 2005-06, Government administration and defence was the largest contributing industry to the ACT's TFI - in current prices it made up 27% of TFI. The Property and business services industry was next (13%), followed by Ownership of dwellings (9%) and Construction (8%). The Government administration and defence industry has consistently been the largest contributor to TFI for the ACT since 1989-90, when the ABS State Accounts series commenced.


In contrast, the Property and business services industry contributed most to TFI for Australia (13%). This was followed by Manufacturing (11%), then Mining, Finance and insurance and Ownership of dwellings (all contributing 8%).

4.3 Total factor income by industry, ACT and Australia: Current prices - 2005-06

ACT
Australia
$m
%
$m
%

Agriculture
8
-
26 256
3.1
Mining
2
-
65 940
7.7
Manufacturing
363
2.0
94 638
11.0
Electricity, gas and water
441
2.4
21 034
2.4
Construction
1 388
7.7
60 784
7.1
Wholesale trade
332
1.8
42 492
4.9
Retail trade
871
4.8
52 293
6.1
Accommodation, and restaurants
356
2.0
19 210
2.2
Transport and storage
410
2.3
36 221
4.2
Communication services
454
2.5
22 754
2.7
Finance and insurance
649
3.6
66 408
7.7
Property and business services
2 290
12.7
107 894
12.6
Government administration and defence
4 811
26.7
31 990
3.7
Education
1 028
5.7
38 691
4.5
Health and community services
1 134
6.3
56 242
6.6
Cultural and recreational services
462
2.6
12 387
1.4
Personal and other services
485
2.7
16 261
1.9
Ownership of dwellings
1 563
8.7
70 489
8.2
General government(a)
966
5.4
16 591
1.9
All industries(b)
18 012
100.0
858 574
100.0

- nil or rounded to zero (including null cells)
(a) This item for Australia represents the gross operating surplus of all general government operations in all industries. For the ACT this item represents the gross operating surplus of all general government operations for the Territory. Data are not available to provide state by industry details of general government gross operating surplus.
(b) Industries may not add to total due to rounding differences.
Australian National Accounts: State Accounts, 2005-06 (cat. no. 5220.0).


Compensation of employees continued to represent over 61% ($11,912m in current prices) of GSP for the ACT in 2005-06. Over the last few years this component has been the major income component of GSP. The income components Gross operating surplus and gross mixed income, and Taxes less subsidies on production and imports have contributed approximately 31% and 7% respectively of GSP.


In comparison, Compensation of employees contributed 48% of Australia's GDP in 2005-06. Gross operating surplus and gross mixed income contributed 41% and Taxes less subsidies on production and imports 11%.

4.4 Income components of Gross State Product, ACT - Current prices

Compensation of employees
Compensation
of employees
Gross
operating
surplus and
gross mixed
income
Gross
operating
surplus and
gross mixed
income
Taxes less
subsides on
production
and imports
Taxes less
subsidies on
production
and imports
GSP(a)
GSP(a)
$m
%
$m
%
$m
%
$m
%

2000-01
8 685
62.0
4 244
30.3
1 070
7.6
13 999
100.0
2001-02
9 158
61.8
4 638
31.3
1 034
7.0
14 830
100.0
2002-03
9 964
61.1
5 103
31.3
1 240
7.6
16 307
100.0
2003-04
10 670
61.0
5 524
31.6
1 306
7.5
17 500
100.0
2004-05
11 289
61.1
5 899
31.9
1 285
7.0
18 473
100.0
2005-06
11 912
61.2
6 100
31.3
1 438
7.4
19 477
100.0

(a) Due to statistical discrepancy, components of GSP may not equal total.
Australian National Accounts: State Accounts, 2005-06 (cat. no. 5220.0).


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