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The chart below provides the expenditure components of real GDP: Consumption (consumption expenditure by households) Investment (capital expenditure by firms) Government (consumption and capital expenditure
The chart below provides the expenditure components of real GDP: Consumption (consumption expenditure by households) Investment (capital expenditure by firms) Government (consumption and capital expenditure by all levels of government) X Exports (expenditure on Australian goods and services by non-Australian firms) M Imports (expenditure on imports by firms) in billion of dollars per quarter for Australian economy from March 2019 to December 2021. Expenditure Components of Real GDP 2019-2021 ($billion per quarter) $280B $280B $270B $2708 $260B $260B $250B $2508 $240B $240B $230B $2308 $220B $220B $210B $2108 $200B $200B $190B $1908 $180B $180B $170B $170B $160B $1608 $150B $150B $140B $1408 $130B $130B $120B $1208 $110B $110B $100B $100B $90B $80B 580B $70B $708 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 -C -G -M Source: Australian Bureau of Statistics (ABS), 2022, 5206.0, Australian National Accounts: National Income, Expenditure and Product, Table 2. Expenditure on Gross Domestic Product (GDP), Chain volume measures. Explain how and why the Covid-19 pandemic has affected each of the five components of GDP expenditure. Focus on explaining the level and movement of each component of GDP prior to Covid, during Covid and in the final December 2021 quarter
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