Austrlian Economics
JUNE QTR KEY POINTS
BALANCE OF PAYMENTS
? Seasonally adjusted, the current account deficit rose $2,267m to $7,469m. The deficit on the balance of goods and services rose $2,339m to $2,355m. The income deficit fell $85m to $5,129m.
? In seasonally adjusted chain volume terms there was an increase of $2,203m in the deficit on goods and services. This could be expected to make a contribution to growth of -1.3 percentage points in the June quarter 2002 volume measure of GDP.
? In original terms, the balance on current account for 2001-02 was a deficit of $22.2b, up from the deficit of $18.2b in 2000-01.
EXPORTS OF GOODS AND SERVICES
? Trend exports of goods and services rose by 0.7% (up 0.4% seasonally adjusted), with exports of goods up 1.0% and exports of services down by 0.9%.
IMPORTS OF GOODS AND SERVICES
? Trend imports of goods and services rose by 3.8% (up 6.0% in seasonally adjusted terms), with imports of goods up by 4.3% and imports of services up by 3.0%.
TERMS OF TRADE
In June quarter 2002 the terms of trade index derived from trend estimates (see Explanatory Notes, paragraph 31) rose by 0.5%. The implicit price deflator for exports fell by 1.0%, while the deflator for
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