Growth in the Zambian economy has regained momentum during thesecond quarter so far, indicating that the effects of the recentcholera outbreak have now subsided. The economy should therefore beon course to return to the solid growth rates seen at the end of2017.
Latest data from the Stanbic Bank PMI survey, compiled by IHSMarkit, signalled a third consecutive monthly improvement inbusiness conditions during May. In particular, output rose for thesecond month in succession following a three-month period ofdecline. Encouragingly, the May survey data also pointed to amarked increase in order volumes, boding well for strong productionin June. As a result, it is likely that the second quarter of 2018will see GDP growth pick up, following an expected slowdown in thefirst three months of the year.
Economy overcomes cholera outbreak
Zambia was hit by a widespread cholera outbreak over the firstquarter of 2018. Output in particular was affected, as a number ofbusinesses were forced to close in order to prevent the spread ofthe disease. In fact, the survey data highlight how businessactivity contracted sharply in February, dropping at the fastestpace observed since declining copper prices hit the economy inlate-2016.
More recently, business activity has rebounded, with the PMIaveraging 51.8 in the second quarter so far against an average of49.5 in the first quarter. Moreover, new orders have risen solidlyas demand strengthened. May saw the largest monthly rise in neworders since the survey began in March 2015.
Underlying growth in the Irish economy remains strong so farduring the second quarter of the year. April and May saw outputgrowth rebound following a weather-related slowdown during March.The picture in Ireland contrasts with that seen at the eurozonelevel, where the rate of expansion has eased markedly since the first quarter of the year.
Output growth rebounds since March
The all-sector PMI (covering data for the manufacturing,services and construction sectors) was unchanged at 57.7 in May,having signalled the fastest increase in output for three months inApril. The rate of expansion in business activity was sharp,signalling strong growth momentum during the second quarter.
The latest data represent a marked rebound from March, whenoutput growth had eased to the weakest since June 2013 as StormEmma brought heavy snow disruption to the country. Despite theslowdown at the end of Q1, GDP data for the first quarter shouldstill signal a solid expansion, with a pick-up likely duringQ2.
Broad-based upturn in growth momentum
Decisions by governments, businesses and individuals taken in areas such as water use and conservation; energy production and use; and control of emissions of greenhouse gases, all impact on the environment and the socio-economy. This publication presents data produced in accordance with the System of Environmental-Economic Accounting, an international statistical standard that is consistent with the System of National Accounts and which governs the reporting of integrated socio-economic and environmental information. This system strengthens the basis of decision-making needed to reflect the scientific, economic and social dimensions of many important issues facing the Australian community.
INTEGRATED SOCIOECONOMIC AND ENVIRONMENTAL INDICATORS
Australia's measure of economic production (Gross Value Added) in chain volume terms, rose 28% over the period 2006-07 to 2015-16 (Figure 1). Over the same period, Australia's population increased 16%; Australian energy consumption increased 6%; and waste generation increased 23% (to 2014-15). Relative to 2006-07, Australian greenhouse gas emissions decreased by 13%, and water consumption decreased by 2%.
Figure 1 shows these changes relative to 2006-07 as an index. It can be seen that, since 2006-07, the economy (measured by Gross Value Added) has been growing at a faster rate than both the population, and all the presented environmental consumption indicators. More recently, between 2014-15 and 2015-16, the economy grew by 3%. At the same time, the population increased 2%; greenhouse gas emissions were up just under 1%; and Australian energy consumption increased less than 1%. Water consumption decreased 7% between these years (Table 1).
If the economy is growing at a faster rate than the consumption of our resources (or generation of waste and emissions), it is an indication that we are using our resources more efficiently, as measured by the Gross Value Added (GVA) of economic production per unit of resource use (or waste generated). Figure 2 shows measures of intensity for: water consumption; energy consumption; greenhouse gas emissions; and waste generated.
Input–Output (I–O) tables are part of the Australian national accounts, complementing the quarterly and annual series of national income, expenditure and product aggregates. They provide detailed information about the supply and use of products in the Australian economy, and the structure of and inter–relationships between Australian industries.
This publication contains the Input–Output tables for 2015–16. The tables presented here are the basic transaction tables, coefficients, industry flow, margins tables, and product and industry concordances.
With the release of tables for 2015–16, the ABS has completed 29 Input–Output tables for Australia. Previous tables were for 1958–59, 1962–63, 1968–69, 1974–75, 1977–78 to 1983–84, 1986–87, 1989–90, 1992–93 to 1994–95, 1996–97, 1998–99, 2001–02, 2004–05 to 2009–10, and 2012-13 to 2014-15.
A list of the 2015–16 Input–Output tables available in this release can be accessed by clicking the downloads tab.