National Accounts - Quarterlies - December 2015

Reference period We collected information for this release for the period October–December 2015. Seasonal adjustment for construction This quarter we changed the seasonally adjusted construction industry estimate. The change was applied only to the December 2015 quarter. We did this to replicate the seasonal adjustment of the Value of Work put in Place (VWPIP). The change creates a discrepancy between our 'actuals' series and seasonally adjusted series for construction. This treatment did not affect either the production or expenditure measure of GDP at the total level, as GDP is directly seasonally adjusted. The VWPIP implemented a new method in 2015 and exhibits larger seasonal increases in December quarters. Incorporating annual data National Accounts (Industry Benchmarks): Year ended March 2013 and National Accounts (Income and Expenditure): Year ended March 2015 were released on 20 November 2015. As annual data has a wider range of data sources, it is more complete. We reconciled the quarterly estimates of industries in GDP and the components of gross domestic expenditure (GDE) to annual estimates to ensure we show the most robust picture of economic activity. We incorporated annual benchmarks for the production measure of GDP up to the year ended March 2013, and to the year ended March 2015 for GDE. #Revisions# We incorporated several revisions in this release. The key revisions are discussed below. Financial intermediation services indirectly measured Updated input data for financial intermediation services indirectly measured (FISIM) resulted in revisions to financial and insurance services in the production measure of GDP, and to household consumption expenditure, private non-profit consumption expenditure, central and local government final consumption expenditure, and exports and imports of services in the expenditure measure of GDP. Other revisions In addition to the major changes listed above, we incorporated other revisions this quarter. These are outlined below. Revisions to GDP • Business services was revised due to an entry error in the input data. The revision affects the series in the September 2015 quarter. • Updated input data resulted in revisions to agriculture, forestry, and fishing; manufacturing; electricity, gas, water, and waste services; information media and telecommunications; financial and insurance services; rental, hiring, and real estate services; public administration and safety; health care and social assistance. Revisions to expenditure on GDP • Household consumption expenditure was revised due to updated data for electricity, communications, insurance services, and fringe benefits. • Central government was revised when we corrected an error. This revision affects the series in the September 2015 quarter. • Local government was revised due to updated data from the Local Authority Statistics: December 2015 quarter – tables. • Gross fixed capital formation was revised due to updated data for transfer costs, and updated overseas trade data. • Inventories was revised due to updated agriculture and forestry data, and updated Wholesale Trade Survey: December 2015 quarter. • Imports and exports were revised due to updated overseas merchandise trade data and updated balance of payments data. Revisions table The following table shows the previously published and revised quarterly movements for the December 2015 quarter GDP and expenditure on GDP (GDE). Previously published and revised December 2015 quarterly movements - Percentage change from previous quarter GDP GDE Quarter Previously published Revised Previously published Revised Dec-09 1.0 1.0 1.2 1.2 Mar-10 0.3 0.3 1.2 1.2 Jun-10 0.7 0.7 0.4 0.4 Sep-10 -0.3 -0.3 -1.4 -1.4 Dec-10 -0.4 -0.4 -0.6 -0.6 Mar-11 1.1 1.1 1.4 1.4 Jun-11 0.7 0.7 0.9 0.9 Sep-11 0.9 0.9 1.2 1.2 Dec-11 0.6 0.6 1.0 1.0 Mar-12 0.7 0.8 0.0 0.0 Jun-12 0.3 0.3 1.0 1.0 Sep-12 0.3 0.3 0.7 0.7 Dec-12 1.5 1.4 0.7 0.7 Mar-13 -0.1 -0.1 0.1 0.2 Jun-13 0.8 0.8 -0.1 -0.1 Sep-13 0.8 0.8 0.8 0.7 Dec-13 0.5 0.5 0.3 0.3 Mar-14 1.3 1.4 1.3 1.3 Jun-14 0.9 0.9 0.4 0.4 Sep-14 0.9 0.9 1.1 1.0 Dec-14 0.9 0.9 1.2 1.1 Mar-15 0.2 0.3 0.4 0.4 Jun-15 0.3 0.3 0.7 0.7 Sep-15 0.9 0.9 1.2 1.4 Source: Statistics New Zealand Correction to implicit price deflator for seasonally adjusted residential building investment 12 April 2016 We corrected the December 2015 seasonally adjusted implicit price deflator for residential building investment from 1222 to 1213. The error has no effect on the quarterly seasonally adjusted implicit price deflator for gross fixed capital formation or any other series. en-NZ