Embed Size (px)
Citation preview
NATIONAL ACCOUNTS
March Quarter 2020
2
Real GDP growth
Note: Median market expectation was for quarterly GDP to fall by 0.4 per cent (range: a fall of 1.1 per cent to a rise of 0.2 per cent)
Median market expectation for through-the-year growth was 1.4 per cent (range: 0.6 per cent to 1.9 per cent)
-0.3
1.4
2.5
-1
0
1
2
3
4
5
6
-1
0
1
2
3
4
5
6
Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20
Per cent
Quarterly
Per cent
Through the year
10-year average(through the year)
3
-10
-8
-6
-4
-2
0
-10
-8
-6
-4
-2
0
Australia Japan Korea UnitedStates
OECDAverage
UnitedKingdom
Canada Germany France Italy China
Per centPer cent
International real GDP growth comparisons(March quarter)
Note: All data is for March 2020. OECD Average is based on the reported figures of approximately 28 member countries.Source: National Statistical Agencies and Refinitiv
4
Contributions to real GDP growth(quarterly)
Note: The sum of individual components may not add to the aggregate due to rounding and the omissions of the statistical
discrepancy
Household Consumption
-0.6
DwellingInvestment
-0.1
New Business Investment
-0.1
New PublicFinal Demand
0.3
Change in Inventories
-0.2
Net Exports0.5
GDP-0.3
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
HouseholdConsumption
DwellingInvestment
New BusinessInvestment
New PublicFinal Demand
Change inInventories
Net Exports GDP
Percentage points, qoq Percentage points, qoq
5
Household consumption of goods and services
1.0
-2.4
-3
-2
-1
0
1
2
3
-3
-2
-1
0
1
2
3
Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20
Per cent, qoqPer cent, qoq
Goods
Services
6
Consumption by category (qoq)
Note: Discretionary consumption is as classified by Treasury
-14 -11 -8 -5 -2 1 4 7
-14 -11 -8 -5 -2 1 4 7
Transport services
Hotels, cafes and restaurants
Clothing and footwear
Operation of vehicles
Cigarettes and tobacco
Purchase of vehicles
Recreation and culture
Health
Other goods and services
Electricity, gas and other fuel
Insurance and other financial services
Education services
Rent and other dwelling services
Furnishings and household equipment
Communications
Alcoholic beverages
Food
Per cent
Non-discretionary
Discretionary
7
New non-mining Mining
Business investment
-2.1
-6.0
1.8
-10
-5
0
5
10
15
-10
-5
0
5
10
15
Mar-10 Mar-15 Mar-20
Per centPer cent
Through the year
10-year average(through the year)
Quarterly
3.6
10.3
-0.6
-40
-20
0
20
40
60
80
-40
-20
0
20
40
60
80
Mar-10 Mar-15 Mar-20
Per centPer cent
Through the year
10-year average(through the year)
Quarterly
8
New public final demand
1.4
5.3
2.7
-6
-3
0
3
6
9
12
-6
-3
0
3
6
9
12
Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20
Per centPer cent
Through the year 10-year average(through the year)
Quarterly
9
Export and import volumes growthExports Imports
-3.5
-2.0
4.0
-9
-6
-3
0
3
6
9
12
-9
-6
-3
0
3
6
9
12
Mar-10 Mar-15 Mar-20
Per cent
Through the year
Quarterly
Per cent
10-year average (through the
year)
-6.2
-7.7
2.1
-12
-6
0
6
12
18
24
-12
-6
0
6
12
18
24
Mar-10 Mar-15 Mar-20
Per cent
Through the year
Quarterly
Per cent
10-year average (through the year)
10
Farm GDP
-2.4
-10.3
-1.5
-20
-15
-10
-5
0
5
10
15
20
25
-20
-15
-10
-5
0
5
10
15
20
25
Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20
Per centPer cent
Quarterly
Through the year
10-year average tty
11
Household saving ratio
Note: The household saving ratio is the ratio of household net saving to household net disposable income
5.5
-4
0
4
8
12
16
-4
0
4
8
12
16
Mar-90 Mar-96 Mar-02 Mar-08 Mar-14 Mar-20
Per cent Per cent
10.9Dec-08
12
-10
-8
-6
-4
-2
0
-10
-8
-6
-4
-2
0
Australia Japan Korea UnitedStates
OECDAverage
UnitedKingdom
Canada Germany France Italy China
Per centPer cent
International real GDP growth comparisons(March quarter)
Note: All data is for March 2020. OECD Average is based on the reported figures of approximately 28 member countries.Source: National Statistical Agencies and Refinitiv
NATIONAL ACCOUNTS
March Quarter 2020
