Territory economic review
NT Treasury, Economic Analysis Division
Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals
Date:2003-03; Made available via the Publications (Legal Deposit) Act 2004 (NT).; This publication contains may contain links to external sites. These external sites may no longer be active.
Northern Territory -- Economic conditions -- Periodicals
Northern Territory Government
Northern Territorty Government
MARCH 2003 4 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic ECONOMIC INDICATORS National Accounts Real seasonally adjusted Gross Domestic Product increased by 0.4 per cent in the December quarter 2002, and by 3.0 per cent through the year. Year on year growth fell from a revised 4.4 per cent in the September quarter to 3.5 per cent in the December quarter. Quarterly growth was driven by domestic factors. Gross capital formation increased by 7.0 per cent, notably private sector investment, which contributed 1.3 percentage points to growth. Public sector investment contributed 0.4 percentage points. Final consumption expenditure increased by 1.1 per cent, with household and government consumption up by 0.6 and 2.6 per cent respectively. A 7.0 per cent rise in imports and a 0.4 per cent fall in exports resulted in net exports subtracting 1.7 percentage points from quarterly GDP growth. Gross Domestic Product and Domestic Demand*# (latest data June quarter 2002) -2 -1 0 1 2 3 4 5 6 7 91 92 93 94 95 96 97 98 99 00 01 02 03 -2 -1 0 1 2 3 4 5 6 7 Year ended June per centper cent Domestic Demand - year on year GDP - year on year GDP - quarter on previous quarter * chain volume measure, reference year is 2000-01 # seasonally adjusted quarterly growth, original year on year growth Source: NT Treasury, ABS data State Final Demand Territory real seasonally adjusted State Final Demand fell by 1.0 per cent in the December quarter 2002, but increased by 8.7 per cent through the year, and by 13.4 per cent in year on year terms. Consumption fell by 0.2 per cent in the quarter. Household consumption fell by 1.0 per cent, whilst government consumption expenditure increased by 0.7 per cent. Some slowing in consumer spending was expected following a period of strong growth. Investment fell by 2.8 per cent in the quarter. Private investment increased marginally, with stronger dwelling investment, but flat business investment (though it remains at a very high level). Public investment fell by 19.3 per cent in the quarter, after unusually high investment in mid 2002. Northern Territory State Final Demand* (latest data December quarter 2002 -10 -5 0 5 10 15 20 25 1996 1997 1998 1999 2000 2001 2002 2003 -10 -5 0 5 10 15 20 25 per cent per cent Year ended June SFD (including major projects) SFD (excluding Laminaria-Corallina and Bayu-Undan) * chain volume measure, reference year is 2000-01. Original year on year growth Source: NT Treasury, ABS data Retail Turnover In seasonally adjusted terms, Territory nominal retail turnover increased by 0.9 per cent in January, but fell by 0.1 per cent in trend terms. Year on year growth increased by 6.9 per cent. By category, in year on year terms, other (cosmetics, pharmaceuticals, toiletries, and other retailing including antiques, florists and jewellery) increased by 17.6 per cent. Food retailing increased by 10 per cent and recreational goods by 7.2 per cent. Household goods retailing fell 0.9 per cent, clothing and soft goods was down by 3.1 per cent and hospitality and services retailing remains weak, reflecting to some extent the setback in tourism. In real terms, seasonally adjusted turnover fell by 2.3 per cent in the December quarter. Annual and year on year growth were 2.9 and 5.7 per cent respectively. Chain Volume Retail Turnover* (latest data December quarter 2002) -10 -5 0 5 10 1996 1997 1998 1999 2000 2001 2002 2003 -10 -5 0 5 10 Northern Territory Australia per cent Year ended June per cent * moving annual total annual per cent change, chain volume reference year is 2000-01 Source: NT Treasury, ABS data