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• Table 2. Expenditure on Gross Domestic Product (GDP)

From Table 2 Collect for Jun-1975 to Jun-2020:

• General government ; Final consumption expenditure: Chain volume measures ;G
• Households ; Final consumption expenditure: Chain volume measures ;C
• Private ; Gross fixed capital formation: Chain volume measures ;Planned Investment I^P
• Public ; Gross fixed capital formation: Chain volume measures ;Government Investment I^P
• Changes in inventories: Chain volume measures ;inv
• Exports of goods and services: Chain volume measures ;X
• Imports of goods and services: Chain volume measures ;M
• Statistical discrepancy (E): Chain volume measures ;SD
• GROSS DOMESTIC PRODUCT: Chain volume measures ;GDP

Note that:

Real GDP:GDP = C + I^P+ I^P+inv+G + X - M + SD

Real Aggregate ExpenditureAE = GDP -inv =C + I^P+ I^P+ G + X - M + SD

a. Produce a Table showing the annual percentage change in each component of GDP (C, I^PI^P,inv, G, X , M, SD, AE and GDPfor June 2018 to June 2019 and June 2019 to June 2020.

1. Compare the % change in Aggregate Expenditure (AE) and the % change in real production (real GDP). Why did inventories fall from June 2018 to June 2019 and June 2019 to June 2020?
2. What was the effect of four months of Covid from March 2020 to June 2020 on the Australian economy? Which components of GDP contributed to the change?