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National Accounts (Industry Production and Investment): Year ended March 2016
Embargoed until 10:45am  –  24 November 2017
Revisions

This release contains revisions arising from new and more up-to-date information. The revisions include:

  • an extra year of balanced national accounts data, with goods and service flows reconciled up to the March 2016 year
  • updated benchmark from the Household economic survey (HES)
  • updated investment data, reflecting a reallocation of investment values between the private and public sectors to be more consistent across sector breakdowns.

Improved timeliness of annual benchmarks

We’ve improved the timeliness of balanced national accounts by one year, with goods and service flows reconciled up to the March 2016 year. This advance in timeliness has enabled us to update last year's provisional estimates for industry contributions to GDP in 2015, and to measure 2016 industry contributions to GDP. A timelier reconciliation means that data up to 2016 includes the complete structure of the New Zealand economy. We will maintain this improved timeliness in future.

Changes on high-level GDP and expenditure on GDP growth rates

The following tables highlight high-level GDP and expenditure on GDP growth rate changes for this release.

GDP revisions summary
Percentage change from previous year

Year ended March

Gross operating surplus and gross mixed income

Compensation of employees

GDP

Published Dec 2016

Published Nov 2017

Published Dec 2016

Published Nov 2017

Published Dec 2016

Published Nov 2017

2014

10.3

10.6

3.8

3.9

6.8

7.0

2015

2.3

2.3

5.6

5.7

4.1

4.1

2016

 3.0

 5.2

 5.0

 4.7

 4.1

 5.1

 

Expenditure on GDP revisions summary
Percentage change from previous year

Year ended March

Gross fixed capital formation

Private final consumption expenditure

Expenditure on GDP

Published Dec 2016

Published Nov 2017

Published Dec 2016

Published Nov 2017

Published Dec 2016

Published Nov 2017

2014

10.4

10.4

4.3

4.5

6.8

7.0

2015

8.5

10.0

3.8

4.0

3.7

4.1

2016

 6.0

 8.4

 3.6

 4.7

 4.0

 5.1

The key drivers of the revisions for each year are listed below:

  • The 2014 revisions are mainly due to updated HES data, reflecting increased private final consumption. The additional consumption is also reflected in GDP as additional domestic production.
  • The 2015 revisions are mainly due to: incorporating new data on production activity of construction and other related industries, improving measures of investment in buildings and infrastructure within gross fixed capital formation, and incorporating new HES data, which revises private final consumption expenditure.
  • The 2016 revisions are mainly the result of replacing the previously published provisional estimates of total production activity, which primarily used GST data as an indicator of activity. The latest 2016 GDP measures of industry production activity use data from the Annual Enterprise Survey, available for the first time in this release. 
     

See Preview of 2017 national accounts improvements for more information on the improvements affecting annual industry components for this release.

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