National Accounts (Income and Expenditure): Year ended March 2012

Changes to the content and titles of the annual national accounts releases National Accounts (Income and Expenditure): this annual release provides information about income, expenditure, and saving for the six sectors of the economy: producer enterprises, financial intermediaries, government, non-profit institutions serving households, households, and the rest of the world. This replaces the previous Institutional Sector Accounts release. This release also includes the consolidated accounts of the nation, which record the incomes earned by various groups within the economy, their consumption and investment, and the economic relationship with the rest of the world. These tables were previously part of the National Accounts release. Published figures The figures for the March 2011 and 2012 years are provisional. Note that data may not sum to stated totals due to rounding. Data for 2011 includes the GST increase from 12.5 percent to 15.0 percent on 1 October 2010. National Accounts (Income and Expenditure): Year ended March 2013 will provide provisional estimates for the year ended March 2013 and revised estimates for the years ended March 2011 and 2012. The revisions will result from more up-to-date information becoming available, including detailed results from the Annual Enterprise Survey. The statistics for the years up to 2010 are consistent with National Accounts (Industry Benchmarks): Year ended March 2010. Financial intermediation services indirectly measured (FISIM) will be included in National Accounts (Income and Expenditure) and National Accounts (Industry Benchmarks) releases for the first time. For more information on FISIM, please see the 'Revisions' section of this release. Corrections – 26 November 2012 We have made several small changes to the figures published in this release on 21 November. The changes correct small inconsistencies and should not affect overall analysis of the results. The changes are to sector accounts for local government, financial intermediaries, general government, central government, and rest of world. These are covered in tables 2.5, 2.6, 2.7, 2.8, and 2.12, which are available from the ‘Downloads’ box. The changes are noted in those tables. These errors were discovered as a result of our routine checking procedures and we regret any inconvenience. The corrected data is also now available on Infoshare. Corrections – 22 November 2012 After this release was published on 21 November 2012, we have made corrections to historical data across the sector accounts tables (2.1 to 2.12). These changes corrected small inconsistencies, but they should not affect overall analysis of the results. We have also made corrections in the commentary. In the ‘Profits up for producer enterprises and financial intermediaries’ section, we corrected the figure for producer prices total income to $96.2 billion (previously $96.4 billion). Producer enterprises net lending position was corrected to $2.5 billion (previously $2.7 billion). In the ‘Household saving drops slightly’ section we corrected the figure for disposable income to 4.8 percent (previously 4.6 percent). We regret any inconvenience caused by this error. Data available on Infoshare today has already been corrected. Revisions This release contains revisions arising from new and more up-to-date information. It incorporates the National Accounts (Industry Benchmarks): Year ended March 2010 statistics and the latest balance of payments. In addition, implementing financial intermediation services indirectly measured (FISIM) to the macroeconomic statistics, including the national accounts and balance of payments statistics, has resulted in revisions to the entire time series. Revisions to National Accounts (Industry Benchmarks) The revisions result from balancing the production and expenditure estimates of gross domestic product (GDP) within a supply and use framework. Before balancing, updated and new benchmarks (mainly based on the 2009 and 2010 annual economic surveys) were adopted for the production-based estimates. In addition, updated and new information from other data sources was included, resulting in revisions to the estimates for the years ended March 2009 and March 2010. Revisions to balance of payments Updated Inland Revenue data in other income has resulted in revisions to income from the rest of the world sector and the current account. The other revisions of note are: updated information from the international trade in commercial services census removing the impact of the Canterbury earthquakes from overseas income. Reserve Bank revision to money and credit statistics The Reserve Bank has revised its money and credit statistics back to 1990, due to improved reporting by some registered banks. This has resulted in revisions to interest paid and received by households, and therefore household saving. Implementing financial service charge indirectly measured Implementation of FISIM resulted in changes to intermediate consumption, value added, operating surplus, property income, and final consumption expenditure for all sectors. The level of GDP is revised upwards for all years. The implementation of FISIM has resulted an increase in the level of GDP. The average impact on GDP was a 0.7 percent upward shift over the last 10 years. See Financial intermediation services indirectly measured (FISIM) in the national accounts for more detail. Saving and net lending are not affected. en-NZ