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Feature Article - Real gross State domestic income
The estimates of exports and imports of goods and services used in these calculations include both international and interstate trade. The methods used to derive them are described in Chapter 28 of Australian National Accounts: Concepts, Sources and Methods (Cat. no. 5216.0). The international trade data are considered to be of reasonable quality and are published in Australian National Accounts: State Accounts (Cat. no. 5220.0). The interstate trade data are derived using a model, and are considered to be of poor quality. Fortunately, the major contribution to changes in the terms of trade of a State comes from its internationally traded goods, principally Australia's exports of primary goods and its importation of manufactured goods (e.g. IT equipment). The contribution of interstate trade to changes in a State's terms of trade is relatively minor because the prices of goods and services exported and imported tend to change at a similar rate.
COMPARISON TO GSP
The graphs below provide a comparison of annual movements in RGSDI and the chain volume measures of GSP. For most States for most years, the two measures show similar growth rates, but there are notable exceptions. The differences are due to the terms of trade effect, and the impact varies depending mostly upon the proportion of international trade in goods and services to GSP and changes in the relative prices of exports and imports.
Annual estimates of RGSDI will be presented in future issues of Australian National Accounts: State Accounts (Cat. no. 5220.0).
For further information on real gross state domestic income contact Patricia Mahony on 02 6252 6711.
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