Macroeconomic indicators 2016-17

The Department forecasts a number of macroeconomic aggregates for inclusion in the budget papers. These forecasts have three main purposes:- they provide a framework for presenting the economic context in which the budget is developed;- most of the economic aggregates or their sub-components are used in the modelling of taxation and other revenue lines; and- forecasts of nominal gross state product (GSP) are used to express key financial aggregates in relation to the size of the economy, such as non-financial public sector net debt to nominal GSP.The spreadsheet below contains the seven published aggregates for the budget papers (Budget and Budget Update):- real GSP growth;- level of nominal GSP;- employment growth;- unemployment rate;- growth in the consumer price index;- growth in the wage price index; and- annual population growth.