Download Queensland State Accounts, September quarter 2011

QUEENSLAND TREASURY
OFFICE OF ECONOMIC AND STATISTICAL RESEARCH
QUEENSLAND STATE ACCOUNTS: SEPT QTR 2011
Main Features
September quarter 2011 Gross State Product (CVM,
trend):
↑ 0.8% (quarterly) ↑ 1.4% (annual)
Queensland
Rest of Australia
↑ 0.7% (quarterly) ↑ 2.3% (annual)
Australia
↑ 0.8% (quarterly) ↑ 2.1% (annual)
2010-11 Gross State/Domestic Product (Revised):
↑ 0.2%
Queensland
↑ 2.4%
Rest of Australia
Australia (GDP)
↑
1.9%
September quarter results
Private investment rose 7.4% in 2010-11, a turnaround
following a decline of 11.5% in the previous year. Business
investment increased 22.3%, which more than offset a
14.4% decline in dwelling investment.
Public final demand rose a marginal 0.1% in 2010-11, with
growth in general government consumption offsetting lower
public investment.
The trade sector (net exports) detracted 3.5 percentage
points from Queensland economic growth in 2010-11, after
contributing 2.4% points to overall growth in the previous
year.
Both lower exports (down 7.9%) and higher imports (up
3.0%) detracted from Queensland’s growth in 2010-11.
Table 1: Components of Quarterly Economic Growth
September quarter 2011
The latest Queensland State Accounts show that, in real
trend terms, Queensland Gross State Product (GSP)
increased 0.8% in September quarter 2011, to be 1.4%
higher over the year to September quarter 2011.
Domestic economic activity for Queensland continued to
grow, with Gross State Expenditure rising 2.4% in the
September quarter to be 8.3% higher over the year.
Household consumption increased 1.1% in the September
quarter to be 3.7% higher over the year.
Queensland dwelling investment has picked up, rising 3.0%
in the September quarter.
Over the year, however,
dwelling investment was 8.7% lower.
Queensland business investment (comprising non-dwelling
construction and machinery and equipment investment)
increased by a record 14.2% in the September quarter, to
be 59.3% higher over the year.
Public final demand (comprising general government
consumption and investment, and public corporations
investment) declined 1.7% in the September quarter to be
3.8% lower over the year to September quarter 2011.
Household consumption
1.1
1.0
Private investment
Dwelling investment
Business investment
9.4
3.0
14.2
2.5
-0.8
3.2
Public final demand
General government consumption
Public corporations investment
General government investment
-1.7
-1.0
-8.2
-1.3
-0.5
0.2
-0.8
-3.6
Gross state expenditure
2.4
0.8
Exports of goods and services
less Imports of goods and services
1.4
7.0
2.1
3.2
Gross state product (a)
0.8
0.7
-2.1
-0.3
1.4
3.1
-0.6
2.2
2.0
2.2
1.3
1.9
Net exports (% point contribution to GSP growth)
Current Prices
Compensation of employees
Gross operating surplus and mixed income
Taxes less subsidies
Gross state product (a)
(a) Includes statistical discrepancy.
Table 2: Year-average Economic Growth, Queensland
Chain Volume Measures
Revised 2010-11 financial year results
Private investment
Dwelling investment
Business Investment
The growth of the Queensland economy in 2010-11 was
driven by domestic demand, which more than offset a
detraction from the trade sector.
Household final consumption expenditure grew 2.4% in
2010-11, following growth of 1.9% in 2009-10.
CONTACT: Sylvia Sivo (Ph: 3224 4201), OESR
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Rest of
Australia
quarterly % change, trend
Chain Volume Measures
Net exports detracted 2.1 percentage points from economic
growth in the September quarter. A rise in imports (up
7.0%) more than offset higher exports (up 1.4%).
While revised estimates have changed several
components, Queensland’s overall growth estimate for
2010-11 is unchanged at 0.2%.
Queensland
2009-10 (r)
2010-11 (r)
year-avg % change, original
Household consumption
1.9
2.4
-11.5
-4.9
-18.9
7.4
-14.4
22.3
4.2
0.1
Gross state expenditure
-1.0
3.6
Exports of goods and services
less Imports of goods and services
7.0
-0.9
-7.9
3.0
1.4
0.2
2.4
-3.5
Public final demand
Gross state product
(a)
Net exports (% point contribution to GSP growth)
(r) Revised
(a) Includes statistical discrepancy.
Full QSA details can be found at the OESR website.
INTERNET: www.oesr.qld.gov.au
 The State of Queensland (Queensland Treasury) 2012