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 Course notes quick navigation

1 Introductory concepts 2  Market mechanism  3 Elasticities  4 Market structures 5  Market failures  6  Macro economic activity/eco growth  7 Inflation 8  Employment & unemployment  9  External Stability  10  Income distribution 11.Factors affecting economy  12  Fiscal/Budgetary policy  13  Monetary Policy   14 Aggregate Supply Policies  15 The Policy Mix

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Measuring economic growth

Measuring economic growth

As discussed earlier in the section on ‘Measurement of economic activity’, economic growth is measured by movements in the value of real GDP (or the chain volume measure of GDP).  Figures are released quarterly and quoted in absolute (dollar) terms and percentage increase terms from one quarter (or year) to the next. For example, the latest annual economic growth rate reported by the ABS to the year end (Sep) 2012 was 3.1% in seasonally adjusted terms.  This means that the total real value of production (excluding the effects of inflation) in Australia over the three months July, August and September of 2013 of $387.0.5B was 2.3% higher than the value of production for the same three months one year earlier ($378.3B).

To view the most recent economic growth figures for Australia,  see the latest ABS catalogue 5206.0

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