National Accounts- Quarterlies March 2025 Data Collection

Gross domestic product: March 2025 quarter – changes and data updates Introduction Gross domestic product (GDP) sources and methods are thoroughly documented (see: Quarterly gross domestic product: Sources and methods (second edition), with a further update in Quarterly gross domestic product: Sources and methods (fifth edition). See National accounts (income, saving, assets, and liabilities): Sources and methods (fourth edition) for the data sources and methods used in estimating GDPI). Overview of sources and methods for quarterly gross domestic product: Updates and COVID-19 adjustments provides a summary of the sources and methods and also includes information about where we have used alternative indicators to better capture the impacts of COVID-19 on economic activity. The quarterly indicators used when compiling our estimate of GDP are the best that we have available at that time. We usually face trade-offs between timeliness and the quality of available data sources. As higher quality data becomes available this is incorporated into our estimate of GDP as data updates. As a result, the methods we use vary depending on the data available and are underpinned by certain assumptions. In normal periods of activity, these assumptions provide reasonable estimates of activity. In periods of abrupt disruption, such as the COVID-19 alert level 4 lockdowns, some of these relationships weakened or no longer applied. During the COVID pandemic we used alternative indicators in some parts of our GDP compilation to ensure the effects of the pandemic and related restrictions on activity are appropriately measured. We have largely reverted to our usual quarterly indicators, but a small number of component series still use alternative indicators where returning to our usual method will lead to poorer quality estimates. Corrections to quarterly gross domestic product Correction to manufacturing A processing error occurred when we compiled milk volume data in the December 2024 quarter. This has now been corrected, resulting in changes to the food, beverage, and tobacco manufacturing industry from the September 2022 quarter onwards. Correction to taxes on production and imports Errors in the calculation and timing of Emissions Trading Scheme taxes affected taxes on production and imports, gross operating surplus, and gross mixed income components of gross domestic product – income measure. These have been corrected, resulting in changes from the March 2020 quarter onwards. Changes due to updated indicator data Incorporating agricultural production statistics We incorporated new data from agricultural production statistics. The data replaced earlier published data and modelled stock levels. Incorporating the data led to updates to agricultural activity in GDP, and to agricultural inventories in the expenditure measure of GDP. These changes caused updates from the March 2022 quarter onwards. Agricultural production statistics: Year to June 2024 (final) has more information. Incorporating updated business financial data (BFD) Business financial data (BFD) has updated data from the March 2023 to December 2024 quarters. This has caused changes to both the manufacturing industry activity in GDP, and manufacturing inventories in the expenditure measure of GDP over the same period. BFD for retail trade has updated data for the December 2024 quarter, causing changes to retail trade estimates for the same period. Business financial data: March 2025 quarter and Infoshare changes by date have more information. Incorporating updated value of building work put in place data Value of building work put in place (also known as Quarterly Building Activity Survey - QBAS) has updated data from the June 2024 quarter onwards. This has caused changes to both construction industry activity in GDP, and gross fixed capital formation in the expenditure measure of GDP over the same period. Value of building work put in place: March 2025 quarter has more information. Incorporating updated linked employer-employee data (LEED) Linked employer-employee data (LEED) is subject to a time lag and is updated each quarter. The March 2024 updates to the forecast figures resulted in revisions to the fishing industry figures in GDP from the December 2023 quarter onward. Linked employer-employee data: March 2024 quarter has more information. Incorporating updated local authority statistics data (QLAS) Local authority statistics data has been updated in the March 2025 quarter release, causing updates to local government final consumption expenditure from the September 2024 quarter onwards. Local authority statistics: March 2025 quarter has more information. Incorporating updated roading expenditure data We have received updated respondent data on roading expenditure resulting in changes to central government final consumption expenditure, other construction gross fixed capital formation, and the construction industry from the September 2024 quarter onwards. Other changes due to updated respondent information and other source data We received updated respondent information and other source data, causing updates to: agriculture, forestry, and fishing – updated livestock slaughter data and roundwood removal data electricity, gas, water, and waste services – updated respondent data on sales of gas information, media, and telecommunications – updated administrative data from Inland Revenue finance and insurance – updated financial intermediation services indirectly measured (FISIM) data and updated data from RBNZ rental, hiring, and real estate services – updated data from Quotable Value (QV) unallocated taxes – flow-through from updates to construction; rental, hiring, and real estate services; household consumption expenditure; gross fixed capital formation, and updated international trade data household consumption expenditure – updated administrative data from Inland Revenue, updated average rental price, and updated financial intermediation services indirectly measured (FISIM) data private non-profits serving households – updated deflator data imports and exports – updated international trade data. Updates in GDP income measure Updates to business financial data (BFD), Quarterly Building Activity Survey (QBAS), final consumption expenditure, gross fixed capital formation, inventories, and imports and exports of goods and services will flow through to GDPI series. Other updates Updates to road transport industry Since the March 2022 quarter we have been using diesel delivery volume data to adjust our measurement of activity in the road transport industry. There have been updates in the processing of the diesel delivery volume data to form our quarterly indicator. This has resulted in changes to the transport, postal, and warehousing industry, primarily from the March 2022 quarter onwards. Data updates due to chain linking We use data for March years to calculate chain-volume measures. Previously published quarterly chain-volume measures have revised as we now have year ended March 2025 results. This affects multiple chain-linked components of both production and expenditure measures of GDP and is particularly noticeable within imports and exports. Data updates table The table below shows previously published and updated quarterly movements for GDP and expenditure on GDP (GDE) from the September 2019 to the December 2024 quarters. While there were some changes to earlier quarters, these were less significant. All movements shown are in constant prices. Previously published and updated quarterly movements Gross domestic product Gross domestic expenditure Percentage change from previous quarter Quarter Previously published Updated 19 June 2025 Previously published Updated 19 June 2025 September 2019 0.8 0.8 0.8 0.8 December 2019 1.0 1.0 0.7 0.6 March 2020 -1.1 -1.1 -0.8 -0.8 June 2020 -10.4 -10.4 -10.0 -10.0 September 2020 14.1 14.1 14.0 14.0 December 2020 0.4 0.4 0.5 0.5 March 2021 2.1 2.1 2.1 2.0 June 2021 0.9 0.9 0.9 0.9 September 2021 -4.2 -4.2 -4.2 -4.2 December 2021 4.1 4.0 3.9 3.9 March 2022 0.0 -0.1 0.2 0.0 June 2022 1.1 1.1 1.2 1.3 September 2022 2.0 2.1 2.4 2.5 December 2022 0.0 0.0 -0.1 0.0 March 2023 -0.1 -0.2 -0.2 -0.4 June 2023 0.8 0.8 0.9 1.1 September 2023 0.0 0.2 0.0 0.1 December 2023 0.2 0.2 0.0 0.1 March 2024 0.4 0.1 0.5 0.1 June 2024 -1.1 -1.0 -0.8 -0.9 September 2024 -1.1 -1.0 -0.9 -0.9 December 2024 0.7 0.5 0.8 0.6 Source: Stats NZ en-NZ