National Accounts (Income and Expenditure): Year ended March 2017

Period-specific information This release contains revisions arising from new and updated information. It incorporates National Accounts (Industry Production and Investment): Year ended March 2016 statistics and new and improved information. Estimates for 2017 are provisional Figures for the year ended March 2017 are provisional, and incomplete for the business sectors of the economy. We will incorporate more up-to-date information in future releases. The new information will also affect distributions between the business and household sectors and flow into household saving. National Accounts (Income and Expenditure): Year ended March 2018 will provide provisional estimates for the March 2018 year and revised estimates for the March 2016 and 2017 years. Revisions to the national accounts next year will result from up-to-date information becoming available, including updated data from the Annual Enterprise Survey: 2016 financial year (provisional) and initial inclusion of detailed results from the 2017 Annual Enterprise Survey. Statistics for the years up to 2016 are consistent with National Accounts (Industry Production and Investment): Year ended March 2016 Introducing the Statistical Classification for Institutional Sectors (SCIS) The institutional sector accounts tables published in National Accounts (Income and Expenditure): Year ended March 2017 have been upgraded to reflect the new Statistical Classification for Institutional Sectors (SCIS). The updated release replaces the existing institutional accounts sector tables in the previous release of national accounts (income and expenditure), which were based on the New Zealand Standard Institutional Sector Classification 1996 (NZISC96). The new classification reflects developments in a modern economy, particularly the financial sector. The upgrade reflects the current structure of sectors in the New Zealand economy and leads to improved relevance, and maintains international comparability. Introducing the term ‘mixed income’ in the national accounts The ‘gross operating surplus’ measure will be renamed ‘gross operating surplus and gross mixed income’ across all national accounts tables and series. There are no revisions to key national accounts indicators as a result of introducing this change. The concept ‘gross mixed income’ has been introduced into the national accounts to provide greater insight into the breakdown of the existing ‘gross operating surplus’ measure in the institutional sector account tables. Mixed income is possible in any industry or sector where there are working proprietors or unincorporated businesses. Revisions This release contains revisions to annual national accounts arising from new and more up-to-date information. The revisions include: incorporation of up-to-date information from the 2015 annual economic survey an extra year of balanced national accounts data, with goods and services reconciled up to the March 2016 year updated benchmark from the Household economic survey (HES) updated investment data, reflecting a reallocation of investment values between the private and public sectors to be more consistent across institutional sector breakdowns In addition, the institutional sector accounts also includes the following updates for years 2014 to 2016: updated tax data incorporation of up-to-date balance of payments data incorporation of up-to-date information from the annual economic surveys and other data sources, with reconciliation of financial flows, such as interest and dividend payments and receipts, between all sectors up to 2016. See Preview of 2017 national accounts improvements for more information on the above changes and an evaluation of their impact. Revisions to National Accounts (Industry Production and Investment) The revisions to National Accounts (Industry Production and Investment) – formerly National Accounts (Industry Benchmarks), result from balancing the production and expenditure estimates of GDP within a supply-and-use framework. Annual national accounts sources and methods has more information on this. Revisions to balance of payments Balance of Payments and International Investment Position: Year ended 31 March 2017 included revisions to overseas investment income, which are included in this release. Revisions of note came from updated Inland Revenue data from the latest tax returns for companies, individuals, and other relevant units. See Preview of 2017 revisions to balance of payments and national accounts for balance of payments revisions and an evaluation of their impact. Revisions to national saving from new and improved information National saving revisions summary Year ended March National saving in current price, $(million) Published Nov 2016 Published Nov 2017 2015 13,933 13,749 2016 15,160 16,360 Revisions to household saving from new and improved information Household saving revisions summary Year ended March Household saving in current price, $(million) Published Nov 2016 Published Nov 2017 2014 538 123 2015 -1,957 -1,964 2016 -3,036 -1,795 en-NZ