National Accounts - Quarterlies March 2018

#Reference period# We collected information for this release for the period January–March 2018. #Revisions# We incorporated some revisions in this release. The revisions are usually driven by new or improved data that affect historical results, or changes to the underlying measure – in both cases we aim to better represent the real-life situation of a changing society, economy, and environment. The key revisions are discussed below: • Incorporation of annual Agricultural Production Statistics • Chain linking • Updated indicator data. Incorporation of annual Agricultural Production Statistics We incorporated data from the Agricultural production statistics: June 2017 (final). The data replaced the earlier provisional and modelled stock levels. Incorporating the final data led to revisions to agricultural activity in GDP, and to agricultural inventories in the expenditure measure of GDP. These changes caused revisions from September 2016 quarter onwards. Some of the revisions to the expenditure measure of GDP were caused by the incorporation of the agricultural production statistics. Chain linking We use data for March years to calculate chain-volume measures. We made revisions because we now have data for the year ended March 2018. The revisions affect all industries in the production and expenditure measures of GDP. They are particularly noticeable in the chain-volume measures of exports and imports, and in the total expenditure measure of GDP. There are also chaining revisions in retail and accommodation, telecommunications, finance and insurance, business services, and local government administration on the production measure of GDP, and these are minimal. See Chain volume measures in national accounts for more information. Other revisions We made other revisions due to updated source data. Incorporating updated source data as it becomes available is a normal process, as it better reflects what is going on in the economy. 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 in revisions to the following in the expenditure measure of GDP: • household consumption expenditure • private non-profit consumption expenditure • central and local final government consumption expenditure • exports and imports of services. Other revisions to the production measure of GDP We received updated respondent information and other source data, causing revisions to agriculture, forestry, and fishing; mining; manufacturing; electricity, gas, water, and waste services; construction; telecommunications; financial and insurance services; rental, hiring and real-estate services; and public administration, safety, and defence. Other revisions to the expenditure measure of GDP • Inventories revised due to various updated input data, and the process of reconciling inventory changes with the rest of the economy – minimising timing and valuation issues. • Imports and exports revised due to updated overseas merchandise trade data, overseas trade indexes data, and balance of payments data. • Gross fixed capital formation revised due to updated transfer costs data, overseas trade data, and updated respondent information affecting other construction infrastructure expenditure. • Household consumption expenditure revised due to updated telecommunications and FISIM data. • Local government actual expenditure revised due to updated Local authority statistics: March 2018 quarter data. Revisions table The following table shows the previously published and revised quarterly movements for the March 2018 quarter GDP and expenditure on GDP (GDE). GDP and GDE - previously published and revised quarterly movements, percentage change from previous quarter GDP GDE Quarter Previously published Revised Previously published Revised Mar-14 1.4 1.4 1.1 1.1 Jun-14 0.5 0.5 0.5 0.5 Sep-14 1.3 1.3 1.2 1.2 Dec-14 1.5 1.5 1.3 1.2 Mar-15 0.3 0.3 0.7 0.7 Jun-15 0.7 0.7 1.0 1.0 Sep-15 1.0 1.0 1.5 1.5 Dec-15 1.0 1.0 1.0 1.0 Mar-16 1.1 1.2 1.2 1.3 Jun-16 1.1 1.1 1.0 0.9 Sep-16 0.7 0.7 0.5 0.6 Dec-16 0.4 0.4 0.6 0.6 Mar-17 0.7 0.8 0.3 0.5 Jun-17 0.9 0.9 1.5 1.4 Sep-17 0.6 0.6 1.0 0.9 Dec-17 0.6 0.6 0.4 0.4 Source: Stats NZ en-NZ