Differences in statistics

[costargh]

I went to MrWood economics website because I heard he had put recent statistics up there.
I have realised that all his statistics are differnt to mine
He says this

Note: All of the statistics that you will see below have been collected from the Reserve Bank of Australia website.  Unless otherwise stated, the statistics are as at June in each year.

My notes (based on my text book) have differnt statistics

I will show you the difference

Mr Wood Website

2003     2004     2005     2006    2007    2008
1.9%     4.8%     2.9%    2.4%    4.2%   2.7%

My text book
2002-03      2003-04   2004- 05   2005- 06   2006- 07   2007-08 (e)
3.2%         4.1%          2.7%       2.8%       3.5%                  2.75%

(e) stands for estimate.

The variances are for all the economic objectives.
Can someone tell me what is going on? I realise my book uses 2005-06 so would that have something to do with it?
A thorough explanation would be appreciated.
I would prefer to use Mr woods statistics because they seem more simplified than me.

Also, when talking about the current years statistics, how do we go about it? As in, we can't really know economic growth for all of 2008 so how do we have the figure? Or is on a rolling quarterly basis if that makes sense! arghhh

[costargh]

anyone?

[jamesdrv]

Firstly, I haven't posted for a long time (my last posts were advice for the accounting mid-year). I noticed you guys did really well. Congratulations, and good luck for the final exam!

I think Mr. Wood has calculated his growth rates using GDP data taken from here: http://rba.gov.au/Statistics/Bulletin/G10hist.xls. I could be wrong, but I calculated a few annual rates and got the same rates that he has. Annual growth rates are usually reported based on the financial year (hence why your textbook says 2006-07). For example, 2006-07 GDP growth reflects growth between June 2006 and June 2007. Quarterly growth rates are also reported.

I'm not sure about the rates in your text book as I'd need more information, but I'd be more inclined to go with what Mr. Wood has. You don't need to know every specific rate anyway. I would just have an idea about the trend over the last 10 years with some knowledge of significant years (ie. why was growth lower in 2001?). You probably do need to know some actual figures for the last year or two though.

If you post the inflation rates your text book has I might be able to give you an actual answer as to why there is a disparity.

[costargh]

Ok thanks. Yeh I have the 10 year trends. Ill show you inflation.
My thought is that he has calculated the growth for each quarter in the calender year and added them together to get the growth for say 2006. In the book like you said, it is financial year... I think.

My books statistics are in the graph. The table is MrWood.



Growth lower in 2001 due to September 11?
And inflation higher due to introduction of GST 2000-01?

[jamesdrv]

OK, I would definitely use Mr. Wood's statistics.

http://abs.gov.au/AUSSTATS/[email protected]/Latestproducts/6401.0Main%20Features6Jun%202008?opendocument&tabname=Summary&prodno=6401.0&issue=Jun%202008&num=&view=

http://rba.gov.au/Statistics/measures_of_cpi.html

[costargh]

thanks james