National Accounts- Quarterlies December 2025 Data Collection

Gross domestic product: December 2025 quarter – changes and data updates Introduction Gross domestic product (GDP) data sources and methods are well documented in the following information papers: Production and expenditure measures of GDP - Quarterly gross domestic product: Sources and methods (second edition), with a further update in Quarterly gross domestic product: Sources and methods (fifth edition). Income measure of GDP - National accounts (income, saving, assets, and liabilities): Sources and methods (fourth edition). 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 estimates 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 estimates of GDP as data updates. As a result, the methods we use vary depending on the data available and are underpinned by certain assumptions. Corrections to quarterly gross domestic product Correction to unallocated taxes We have identified an issue with the chain-linking of unallocated taxes. This has been corrected, resulting in small historic revisions. Changes due to updated indicator data Incorporating updated 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 June 2022 quarter onwards. Incorporating updated business financial data (BFD) BFD data has updated, causing changes to the manufacturing industry and manufacturing stocks from September 2025 onwards, and changes to the wholesale trade industry and wholesale trade stocks from September 2024 onwards. Business financial data: December 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 March 2025 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: December 2025 quarter has more information. Incorporating updated linked employer-employee data (LEED) LEED is subject to a time lag and is updated each quarter. The December 2024 updates to the forecast figures resulted in revisions to the fishing industry, as well as electricity, gas, water, and waste services from September 2024 onwards. Linked employer-employee data: December 2024 quarter has more information. Incorporating updated international trade data International trade data has been updated for the September 2025 quarter. These updates directly flow through to imports and exports, as well as flow-on impacts to gross fixed capital formation. International trade: December 2025 quarter has 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, dairy data and roundwood removal data construction – updated respondent data wholesale trade – updated MBIE data transport, postal, and warehousing – updated diesel volumes data information, media, and telecommunications – updated Inland Revenue data finance and insurance – updated financial intermediation services indirectly measured (FISIM) data, Reserve Bank of New Zealand (RBNZ) data and international trade data rental, hiring, and real estate services – updated property sales data and FISIM data public admin and safety – updated employee earnings data household consumption expenditure – updated insurance and telecommunication data central government final consumption expenditure – updated healthcare data local government final consumption expenditure – updated Quarterly Local Authority Survey (QLAS) data inventories – updated livestock and Ministry for Primary Industries (MPI) data gross fixed capital formation – updated employee earnings data, updated respondent data, updated property sales data, updated overseas price index data unallocated taxes – flow-through from updates to rental, hiring, and real estate services; finance and insurance services; household consumption expenditure; and gross fixed capital formation Other updates Updates in GDP income measure Updates to BFD, QBAS, final consumption expenditure, gross fixed capital formation, RBNZ data, inventories, and imports and exports of goods and services will be reflected in the GDPI series. Updates to Imports of sea and air freight services We made small updates to our volume measures of freight services imports from September 2022 onwards. 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. Data updates table The table below shows previously published and updated quarterly movements for GDP and expenditure on GDP (GDE) from the December 2020 to the September 2025 quarters. While there were some changes to earlier quarters, these were less significant. All movements shown are in constant prices. Quarter GDP updated 19 March 2026 GDP previously published GDE updated 19 March 2026 GDE previously published 2020.12 0.4 0.4 0.5 0.5 2021.03 2.0 2.0 2.1 2.0 2021.06 0.8 0.8 0.8 0.8 2021.09 -4.3 -4.3 -4.4 -4.4 2021.12 4.1 4.1 4.1 4.1 2022.03 -0.1 -0.1 0.1 0.1 2022.06 1.0 0.9 1.3 1.3 2022.09 1.9 1.9 2.3 2.2 2022.12 0.2 0.2 0.3 0.3 2023.03 0.0 0.0 -0.2 -0.2 2023.06 0.9 0.9 0.8 0.7 2023.09 0.1 0.1 -0.1 -0.1 2023.12 0.5 0.5 0.4 0.4 2024.03 0.2 0.2 0.1 0.1 2024.06 -0.6 -0.6 -0.4 -0.4 2024.09 -1.2 -1.3 -1.2 -1.3 2024.12 0.0 0.1 0.1 0.2 2025.03 1.1 1.1 1.1 1.2 2025.06 -0.9 -1.0 -0.7 -0.8 2025.09 0.9 1.1 0.9 1.3 en-NZ