Economic Forecasts
Major Economic Aggregates, Western Australia
| |
2007-08
Actual(a)
%
|
2008-09
Estimated
Actual
%
|
2009-10
Budget
Estimate
%
|
2010-11
Forward
Estimate
%
|
2011-12
Forward
Estimate
%
|
2012-13
Forward
Estimate
%
|
|
Real Gross State Product Growth(b)
|
5.2
|
8.0
|
-1.25
|
-0.5
|
3.75
|
3.75
|
|
Real State Final Demand Growth(b)
|
9.3
|
8.25 |
-3.5
|
-3.75
|
4.75
|
4.5
|
|
Employment Growth
|
3.6
|
3.25 |
-2.0
|
0.0
|
2.0
|
2.5
|
|
Unemployment Rate
|
3.3
|
3.25 |
5.75
|
6.75
|
6.0
|
5.25
|
|
Wage Price Index Growth(c)
|
5.8
|
4.5 |
3.0
|
2.75
|
3.25
|
4.0
|
|
Average Weekly Earnings Growth(c)
|
9.8
|
2.5 |
1.5
|
2.75
|
3.75
|
4.0
|
|
Population Growth
|
2.6
|
3.1 |
2.4
|
1.8
|
1.8
|
1.8
|
|
Perth Consumer Price Index Growth
|
3.6
|
3.5 |
2.5
|
2.5
|
3.0
|
3.0
|
|
|
|
|
|
|
|
|
|
(a) Gross State Product (GSP) and State Final Demand (SFD) data are based on 2007-08 State Accounts data, released by the Australian Bureau of Statistics (ABS) on 14 November 2008 (ABS Catalogue Number 5220.0); all other data are based on other various ABS data sources.
(b) In real (chain volume) terms, which abstract from price effects.
(c) The Wage Price Index is a better measure of underlying wages growth than Average Weekly Earnings, as it is designed to measure wage changes rather than levels, and is not influenced by changes in the composition of the workforce (unlike Average Weekly Earnings).
Other forecasting notes: All data are annual averages. In determining the above economic forecasts, currency exchange rates and interest rates are assumed to be constant over the forecast period, and are based on actual data prior to the forecasting cut-off date. The forecasts assume no changes in Commonwealth Government policy settings.