National Accounts- Quarterlies June 2025 Data Collection

Gross domestic product: June 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 central government final consumption expenditure - social assistance benefits in kind (CGFCE – SABIK) This was due to a benchmark for health SABIK not being incorporated correctly. This has now been corrected, and an additional health SABIK benchmark has been introduced for the March 2025 year. Revisions from this correction mainly impact the June 2023 quarter onwards. More information can be found in Gross domestic product – updates for the June 2025 quarter Correction to financial intermediation services indirectly measured (FISIM) input data A correction to the FISIM input data process has resulted in updates to exports and finance and insurance services from the December 2024 quarter onwards, and to household consumption expenditure, local and central government final consumption expenditure, and imports in the March 2025 quarter. Updates to March 2025 quarter FISIM are due to a combination of this correction and updated FISIM input data. Changes due to updated indicator data Incorporating updated business financial data (BFD) Business financial data (BFD) has updated data and made improvements to its methodology by implementing sample design changes affecting the March 2024 to March 2025 quarters. This has caused changes to the manufacturing industry activity in GDP, and manufacturing inventories and gross fixed capital formation in the expenditure measure of GDP over the same period. Business financial data: June 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 September 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: June 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 June 2024 updates to the forecast figures resulted in revisions to the fishing industry, as well as electricity, gas, water, and waste services over the same period. Linked employer-employee data: June 2024 quarter has more information. Incorporating updated local authority statistics data (QLAS) Local authority statistics data has been reconciled to the values of annual Local Authority Financial Statistics (LAFS) released in May 2025. This reconciliation process is called benchmarking and this preserves the pattern of quarter-on-quarter movements drawn from the quarterly survey data but scales the series to match the higher quality levels of the annual benchmarks. The benchmarking caused updates to local government industry on the production side and to local government final consumption expenditure from the March 2021 quarter onwards. Local authority financial statistics: Year ended June 2024, Local authority statistics: March 2025 quarter and Local Authority Statistics (quarterly) - Stats NZ DataInfo+ have more information. Incorporating updated international trade data International trade data has been updated for the March 2013 quarter onwards, with revisions to exports, imports, household consumption expenditure and gross fixed capital formation. This includes updates to low value goods imports which flow through to household consumption expenditure and predominantly impact the March 2021 year onwards. Also, ship imports and exports for the March 2023 quarter have been updated to reflect coverage of New Zealand shipping investments, based on the annual accounts collected through AES. This update has been incorporated in GDP resulting in updated gross fixed capital formation, imports and exports in that quarter. International trade: June 2025 quarter, International trade: June 2025 quarter – data sources and methods | Stats NZ and Gross domestic product – updates for the June 2025 quarter have more information about the changes. 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 information, media, and telecommunications – updated administrative data from Inland Revenue rental, hiring, and real estate services – updated data from Quotable Value (QV) unallocated taxes – flow-through from updates to rental, hiring, and real estate services; finance and insurance services; household consumption expenditure; gross fixed capital formation, and exports household consumption expenditure – updated administrative data from Inland Revenue central government final consumption expenditure – flow-through from update to healthcare adjustment Other updates 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. Updates to inventories We made updates during the process of reconciling change in inventories with other movements in production and expenditure series. This process is designed to minimise inconsistencies in timing and valuation. Whilst this process typically only affects recent quarters, in the June 2025 quarter we also made changes to inventories adjustments applied in the September 2023 quarter onwards. Updates in gross fixed capital formation We adjusted central government plant, machinery and equipment data in March 2025 quarter due to a timing issue. This led to increased government GFKF and lower private GFKF in that quarter. Updates to government medical and healthcare services Our salaries and wages indicator for government medical and healthcare services has recently become available quarterly rather than annually. We have improved how the annual data was smoothed across quarters from the September 2022 quarter through to the June 2024 quarter. The new quarterly indicator from September 2024 quarter onwards has an unexpected quarterly pattern, and we have used BFD salaries and wages as an alternative indicator to make adjustments. We will continue to monitor the performance of this indicator in future quarters. This data contributes to a small component of healthcare and social assistance and central government financial consumption expenditure. Data updates table The table below shows previously published and updated quarterly movements for GDP and expenditure on GDP (GDE) from the December 2019 to the March 2025 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 18 Sep 2025 Previously published Updated 18 Sep 2025 December 2019 1.0 1.0 0.6 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 2.0 2.1 June 2021 0.9 0.9 0.9 0.9 September 2021 -4.2 -4.2 -4.2 -4.2 December 2021 4.0 4.0 3.9 3.9 March 2022 -0.1 0.0 0.0 0.1 June 2022 1.1 1.1 1.3 1.3 September 2022 2.1 2.1 2.5 2.5 December 2022 0.0 0.0 0.0 -0.1 March 2023 -0.2 -0.2 -0.4 -0.4 June 2023 0.8 0.8 1.1 1.0 September 2023 0.2 0.1 0.1 0.0 December 2023 0.2 0.2 0.1 0.1 March 2024 0.1 0.1 0.1 0.2 June 2024 -1.0 -0.9 -0.9 -0.8 September 2024 -1.0 -1.1 -0.9 -1.0 December 2024 0.5 0.4 0.6 0.7 March 2025 0.8 0.9 0.9 1.2 Source: Stats NZ en-NZ