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Gross Domestic Product: December 2012 quarter
Embargoed until 10:45am  –  21 March 2013
Revisions

Revisions to GDP

  • Agriculture was revised due to the incorporation of more comprehensive data from the Agricultural Production Statistics: June 2012 (provisional) release.
  • Manufacturing was revised due to revisions incorporated in the Economic Survey of Manufacturing: December 2012 quarter release. This revision affects the December 2011 and September 2012 quarters.
  • Retail trade and accommodation was revised due to revisions incorporated in the Retail Trade Survey: December 2012 quarter release. This revision affects the September 2011 to September 2012 quarters.
  • Updated source data for the December 2012 quarter resulted in revisions to fishing; electricity, gas, water, and waste services; transport, postal, and warehousing; information media, and telecommunications; financial and insurance services; rental, hiring, and real estate services; and health care and social assistance components.
  • Public administration and safety was revised due to improved coverage in the quarterly indicator series. This affected the series back to the September 2008 quarter.
  • Agriculture; fishing; financial and insurance services; and education and training were revised from March 1996 to March 2006 because the impact of financial intermediary services (FISIM) was not fully incorporated in the September 2012 quarter release for these industries.

 

Revisions to expenditure on GDP

Inventories

Inventories were revised from December 2010 onwards due to the incorporation of more comprehensive data from the Agricultural Production Statistics: June 2011 (provisional) release, and updated source data for the Economic Survey of Manufacturing, Retail Trade Survey, and Wholesale Trade Survey. Additional revisions to the June 2012 and September 2012 quarters were due to correcting an issue which meant that inventories were not correctly contributing to total GDE. The September 2012 quarter was also revised due to a missing price within manufacturing inventories. These revisions impact on both current and constant prices and the implicit price deflators for inventories.

Other expenditure components

  • Household consumption expenditure was revised due to updated source data from retail trade, and updated indicator data. 
  • Gross fixed capital formation was revised due to updated input data for other construction, plant, machinery, and equipment, intangibles, and transfer costs, and updated sector annual benchmarks for non-residential buildings, intangibles, and transfer costs.
  • Central government final consumption expenditure was revised due to revised input data.
  • Imports and exports of goods and services were revised due to updated trade data and updated balance of payments data.

The following table shows the previously published and revised quarterly movements for GDP and expenditure on GDP. 

Quarter Gross domestic product – percent change from previous quarter Expenditure on gross domestic product – percent change from previous quarter

 

 Previously published

Revised

Previously published 

Revised 

June 2007

0.8

0.8

1.7

 1.7

September 2007

0.7

0.7

0.8

 0.7

December 2007

0.2

0.1

0.4

 0.4

March 2008

-0.4

-0.4

-0.3

 -0.4

June 2008

-1.0

-1.1

-1.6

 -1.7

September 2008

-0.3

-0.2

-0.3

 -0.2

December 2008

 -0.6

-0.6

-0.1

 -0.1

March 2009

-1.1

-1.1

-0.2

 -0.3

June 2009

-0.4

-0.4

1.0

 1.0

September 2009

0.6

0.6

0.6

 0.6

December 2009

1.6

1.6

0.4

0.5

March 2010

0.1

0.1

0.6

 0.5

June 2010

0.8

0.7

0.1

 0.1

September 2010 

-0.3

-0.3

-1.3

 -1.3

December 2010 

-0.3

-0.4

0.2

 0.2

March 2011 

0.7

0.7

0.7

 0.7

June 2011 

0.6

0.5

0.7

 0.7

September 2011

0.7

0.8

1.1

 1.0

December 2011

0.6

0.4

0.8

0.5

March 2012     

 0.9

1.0

0.4

 1.0

June 2012

 0.3

 0.2

 0.2

 0.4

September 2012 

 0.2

 0.2

 0.2

 0.5

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