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(CEP News) Sydney - The Australian Bureau of Statistics (ABS) announced Australian GDP increased in seasonally adjusted terms by 0.1% in the September quarter 2008. Non-farm GDP decreased by 0.3%. The terms of trade rose 5.6%. Real gross domestic income rose 1.4%.
In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were engineering construction investment (0.4 percentage points), public gross fixed capital formation (0.2 percentage points) and inventories (0.2 percentage points). The larges negative contributions came from Imports (-0.4 percentage points) ownership transfer costs (-0.2 percentage points) and New building (-0.1 percentage points). In the Industry Gross Value Added sector, agriculture, forestry and fishing contributed 0.3 percentage points to GDP growth, while construction contributed 0.1 percentage points. Transport and storage, property and business services, finance and insurance services all detracted 0.1 percentage points. Within the breakdown of the provinces, in seasonally adjusted terms, the Northern Territory recorded the strongest chain volume measure, up 3.1% for the September quarter. The weakest seasonally adjusted measure was in the provinces of Victoria, down -1.4% for the quarter. Through the year growth in seasonally adjusted terms was 1.9%. Non-farm GDP rose 1.7% through the year. Reported by Tim Stackpool. (
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