Australia Yearbook - 2009-10

30.14 EXPORTS AND IMPORTS, Relative to GDP
%
25.0
Exports of goods and services
12.5
Imports of goods and services
10.0
1962–63 1971–72 1980–81 1989–90 1998–99 2007–08
Source: Australian System of National Accounts (5204.0).
22.5
20.0
17.5
15.0
State accounts
As well as Australia's national accounts, the ABS
produces annual accounts for each of Australia's
states and territories. These provide estimates of
state final demand and gross state product (GSP).
GSP is the average of the volume estimate of
GSP(P) production approach and
income/expenditure approach GSP(I/E). State
final demand is equal to the sum of government
and household final consumption expenditure
and public and private gross fixed capital
formation.
An important use of state accounts is to compare
the performance of each state and territory (table
30.15). The volume measure of GSP in 2007–08
increased in all states. Queensland experienced
the strongest growth (up 5.3%) followed by
Western Australia (up 5.2%) and Northern
Territory (up 3.9%). The Australian Capital
Territory showed the weakest growth rate in
2007–08 of 2.5%. Growth in New South Wales,
Victoria, Tasmania and Australian Capital Territory
were below the Australian GDP growth rate of
3.7%.
For some analytical purposes it is important to
allow for the impact of population growth on
movements in GSP. The annual growth in GSP
per person was lower than GSP growth for all
states. Every state had positive growth in GSP per
person due to positive population growth in all
states. Four states showed growth rates in GSP
per person that were stronger than the Australian
growth rate per capita of 2.1%. Queensland (up
2.9%), Western Australia and South Australia
(both up 2.7%) showed the strongest growth in
GSP per person.(Graph 30.16).
National balance sheet
The national balance sheet provides estimates of
the value of Australia's produced, non-produced
and financial assets, its liabilities to the rest of the
world, and the net worth (defined as the
difference between total assets and liabilities,
including the value of equity in Australian
enterprises owned by non-residents) of the total
economy.
30.15 GROSS STATE PRODUCT, Chain volume
measures—2007– 08
New South Wales
Victoria
Queensland
South Australia
Western Australia
Tasmania
Northern Territory
Australian Capital Territory
Australia(a)
Annual
growth
%
2.8
3.2
5.3
3.8
5.2
3.4
3.9
2.5
3.7
(a) GDP.
Source: Australian National Accounts: State Accounts
(5220.0).
Average annual
compund growth
rate (1997–98 to
2007–08)
%
2.8
3.2
5.0
2.6
4.4
2.5
4.3
3.5
3.5
Chapter 30 — National accounts 735