N ATIONAL A CCOUNTS March Quarter 2020
Real GDP growth Per cent Per cent 6 6 5 5 Through the year 4 4 10-year average (through the year) 3 3 2.5 2 2 1.4 1 1 0 0 -0.3 Quarterly -1 -1 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20 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) 2
International real GDP growth comparisons (March quarter) Per cent Per cent 0 0 -2 -2 -4 -4 -6 -6 -8 -8 -10 -10 Australia Japan Korea United OECD United Canada Germany France Italy China States Average Kingdom Note: All data is for March 2020. OECD Average is based on the reported figures of approximately 28 member countries. 3 Source: National Statistical Agencies and Refinitiv
Contributions to real GDP growth (quarterly) Percentage points, qoq Percentage points, qoq 0.8 0.8 Net Exports 0.5 0.6 0.6 New Public Final Demand 0.4 0.4 0.3 Household 0.2 0.2 Consumption -0.6 0.0 0.0 New Business Dwelling -0.2 -0.2 Investment Investment -0.1 Change in -0.1 Inventories -0.4 -0.4 -0.2 GDP -0.3 -0.6 -0.6 -0.8 -0.8 Household Dwelling New Business New Public Change in Net Exports GDP Consumption Investment Investment Final Demand Inventories Note: The sum of individual components may not add to the aggregate due to rounding and the omissions of the statistical 4 discrepancy
Household consumption of goods and services Per cent, qoq Per cent, qoq 3 3 2 2 Goods 1.0 1 1 0 0 Services -1 -1 -2 -2 -2.4 -3 -3 Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20 5
Consumption by category (qoq) -14 -11 -8 -5 -2 1 4 7 Food Alcoholic beverages Communications Furnishings and household equipment Rent and other dwelling services Education services Insurance and other financial services Non-discretionary Electricity, gas and other fuel Discretionary Other goods and services Health Recreation and culture Purchase of vehicles Cigarettes and tobacco Operation of vehicles Clothing and footwear Hotels, cafes and restaurants Transport services Per cent -14 -11 -8 -5 -2 1 4 7 Note: Discretionary consumption is as classified by Treasury 6
Business investment New non-mining Mining Per cent Per cent Per cent Per cent 15 15 80 80 Through the year 60 60 10-year average 10 10 Through the year (through the year) 40 40 5 5 20 20 1.8 10.3 0 0 Quarterly 3.6 0 0 -2.1 -0.6 Quarterly -5 -5 -20 -20 -6.0 10-year average (through the year) -10 -10 -40 -40 Mar-10 Mar-15 Mar-20 Mar-10 Mar-15 Mar-20 7
New public final demand Per cent Per cent 12 12 9 9 10-year average Through the year (through the year) 6 6 5.3 3 3 2.7 1.4 0 0 Quarterly -3 -3 -6 -6 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20 8
Export and import volumes growth Exports Imports Per cent Per cent Per cent Per cent 12 12 24 24 10-year average Through the year (through the Through the year 9 year) 9 18 18 6 6 12 12 4.0 10-year average (through the year) 3 3 6 6 0 0 2.1 Quarterly 0 0 -2.0 -3 -3 -3.5 Quarterly -6.2 -6 -6 -6 -6 -7.7 -9 -9 -12 -12 Mar-10 Mar-15 Mar-20 Mar-10 Mar-15 Mar-20 9
Farm GDP Per cent Per cent 25 25 20 20 15 15 Through the year 10 10 5 5 0 0 -1.5 -2.4 -5 -5 Quarterly 10-year average tty -10 -10 -10.3 -15 -15 -20 -20 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20 10
Household saving ratio Per cent Per cent 16 16 10.9 Dec-08 12 12 8 8 5.5 4 4 0 0 -4 -4 Mar-90 Mar-96 Mar-02 Mar-08 Mar-14 Mar-20 Note: The household saving ratio is the ratio of household net saving to household net disposable income 11
International real GDP growth comparisons (March quarter) Per cent Per cent 0 0 -2 -2 -4 -4 -6 -6 -8 -8 -10 -10 Australia Japan Korea United OECD United Canada Germany France Italy China States Average Kingdom Note: All data is for March 2020. OECD Average is based on the reported figures of approximately 28 member countries. 12 Source: National Statistical Agencies and Refinitiv
N ATIONAL A CCOUNTS March Quarter 2020
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