Textile, clothing & footwear output down, retail trade up

07 Nov '05

2 min read

The volume measure of gross domestic product increased by 2.3% in 2004-05, reports Australian Statisics Bureau release today.

The 2004-05 result is weaker than the average growth of 3.7% seen over the last ten years.

This reflects relatively weaker growth in private gross fixed capital formation in 2004-05 and continued strong growth in imports of goods and services.

Key volume movements in expenditure on GDP in 2004-05 were:

Growth in all components of household final consumption expenditure (up 4.3 percent) with the main contributions coming from expenditure on rent, recreation and culture, insurance and financial services, furnishings and household equipment, and purchase of motor vehicles strong growth in national non-defence general government final consumption expenditure (up 5.2 percent) high levels of private business investment with new machinery and equipment maintaining strong growth at 15.7 percent, new building up 5.0 percent and new engineering construction up 9.2 percent strong growth in public corporations capital formation at the state and local level growth in exports of goods and services of 2.7 percent, following a 1.4 percent rise in 2003-04.

Strong growth was seen in coal and mineral ore prices while the volume of exports experienced only moderate growth.

Continued strong growth in imports of goods and services, up 12.2 percent in 2004-05.

Major contributors to this growth were importsof fuel, machinery and industrial equipment and processed industrial supplies.

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