Economics

Running Head : Australian Economic IndicatorsNameUniversityCourseTutorDateAustralian Economic IndicatorsTabular PresentationYear ostentation Unemployment RGDP Growth2003 2 .8 5 .9 3 .12004 2 .34 5 .4 3 .702005 2 .67 5 .1 2 .802006 3 .54 4 .8 2 .702007 2 .09 4 .5 3 .90 Graphical PresentationTrend in Australian RGDP Growth (2003-2007The Australian preservation has grown by less(prenominal) than wiz per centum , considering that GDP harvest-home in 2003 was 3 .1 percent and 3 .9 in 2007 . The 2007 growth was the highest in the conclusion , whereas the net growth pass judgment of 2 .7 was experienced in 2007Relationship surrounded by VariablesReal GDP growth is countercyclical with largeness . As it understandingwork be seen on the graph , GDP was procession when flash rate was declining and vice versa . This is inline with scotch understanding that lower range of inflation atomic number 18 good for economic growth . ABS and constitution makers should therefore embark on policies that suppressed inflation in favor of economic growth . Unemployment rate has been move passim the period and are now at historic lows . This strike is most standardizedly caused by the steadily rising economic growth and the substanti eithery contained inflation .How ABS Measures pompousness and UnemploymentInflation is mensural by collecting market (prices ) entropy for different goods , help and monetary instruments . The data is pile up on a daily bottom and compounded monthly , quarterly , and on annual founding . The three kinds of inflation beatd by ABS includeConsumer Price Inflation : This index is used to measure changes in market prices for goods and run used by consumers . These includes thing like food , apparel , housing , transportation , communication fiscal services , and preparation amo ng othersProducer Price Index : This is used! to harsh market prices for goods and services used in industrial output processes .

Production inputs are measured in three levels : exploratory intermediate and terminal stage (ABS 2008Labor Price Index : The measure in meant to track hourly wage rate and pension that employers have to quit employeesABS measures unemployment by collecting data on several aspects of Australian labor force . The bank on a regular basis collects data on the number of new hires and the number of those who light their positions . This data is collected from all regions and industries . At the end , it becomes doable to understa nd unemployment rates and trends between regions , industries and age groups among other comparisonsDifficulties in Measuring the VariablesGetting the data representing the true picture on the ground could some quantify launch futile to the bank officials . In forecast to unemployment it is almost impracticable for bank officials to constitute data from all sectors in the economy . For instance , the informal sector in major cities constitutes tidy sum gaining and loosing their unemployment positions at all times but are neer represented in bailiwick statistics . The bank should continue employing measures that would jibe that all industries , especially those in informal sectors are well representedBibliographyEconomist , 2008 . Australian Economic twist . Retrieved April 18 2008 , fromHYPERLINK...If you want to get a full essay, enjoin it on our website: OrderCustomPaper.com

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