National Accounts (Income and Expenditure): Year ended March 2023 Data Collection

Period-specific information This release contains data updates arising from new and updated information. It incorporates national accounts (industry production and investment): Year ended March 2022 | Stats NZ statistics and new and improved information. Estimates for 2023 are provisional Figures for the year ended March 2023 for capital stock are provisional, we will incorporate up-to-date information in future releases. Other annual provisional estimates for year ended March 2023 will be released together with the experimental quarterly national accounts (income, saving, assets, and liabilities) in January 2024. National accounts (income and expenditure): Year ended March 2023 provide revised estimates for the March 2021 and 2022 years. Data updates This release contains the following revisions to annual national accounts arising from new and updated information: More accurate data becoming available from the underlying data sources, such as the low-level financial data that becomes available with the annual enterprise survey update Improvements to household pension fund contributions and earnings method. See the Pensions fund scheme section below for further detail. Addition of new rest of world transaction, other current taxes payable. See Other current taxes series section for more detail below. an extra year of balanced national accounts data, with goods and services reconciled up to the March 2022 year improvements to production GDP which affected revised numbers for gross operating surplus and mixed income upwards revisions to household consumption expenditure (HCE) annual improvements to balance of payments data (2015-2022) revisions to gross fixed capital investment (GFKF), consumption of fixed capital (CFK), and net capital stock (NKS) the reconciliation of financial flows, such as interest and dividends payments and receipts, between all sectors to 2022 See the 2023 preview of national accounts improvements for more information on the above changes. Pension fund scheme Investigations into large increases for household pension fund contributions and earnings, found capital gains included in the property earnings (interest and dividends) for private pension fund units. The method for obtaining this value has now changed to using annual reports for all contributing units, as well as updates to the back years, to remove the capital gains. The size of the updates to household income due to this method change are outlined in the table below: Updates (in $millions) to household income from this change (2002–2022) Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Update (in $millions) -66 -131 -197 -262 -328 -393 -371 -348 -467 -697 -720 Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Update (in $millions) -816 -1,132 -1,420 -1,422 -2,095 -2,425 -2,738 -2,421 -2,604 -2198 Series also affected by these updates are: earnings attributed to insurance/pension policyholders received by households; this will reduce household saving earnings attributed to insurance/pension policyholders paid by the financial sector interest and dividends receivable by the financial sector pension fund contributions paid by households and received by the financial sector adjustment for change in net equity of pension funds in both the household and financial sectors the corresponding totaling series for primary income and secondary income. This information is also listed on Infoshare changes by date | Stats NZ Other current taxes series A new transaction has been added to the rest of world, income and outlay account. Other current taxes payable has been added as a new transaction line in the income and outlay account, rest of world sector. This new addition follows improvements to the Balance of payments and international investment position release. Other current taxes payable by the rest of the world sector now include the International Visitor Conservation and Tourism Levy which is charged to most international visitors to New Zealand. This new series will include data back to March Year ended 2020. This information is also listed on Infoshare changes by date | Stats NZ Quarterly national accounts and annual provisional estimates The annual national accounts (income and expenditure) release contains final data for balanced years (t-1 and prior) and does not include the latest provisional March year (t). The capital stock series is the exception to this and is published to the latest provisional March year (t). Further details about these processes are outlined below. The annual estimate of the 2023 provisional year will be published together with the National accounts (income, saving, assets, and liabilities): September 2023 quarter in January 2024. This will include the 2023 year for the consolidated accounts as well as for all the institutional sector accounts. Annual year ended March 2023 provisional estimates for the expenditure measure of GDP are used as benchmarks for the Gross domestic product: September 2023 quarter, due to be released on 14 December 2023. When the annual provisional estimate (2023) is released in January, the institutional sector accounts will include provisional estimates for non-financial businesses, financial business, and non-profit businesses supporting households. Revisions to national accounts (industry production and investment) The revisions to national accounts (industry production and investment) result from balancing the production and expenditure estimates of GDP within a supply-and-use framework. Annual national accounts sources and methods (stats.govt.nz) has more information on this. Revisions to balance of payments Balance of payments and international investment position: Year ended 31 March 2023 | Stats NZ: includes updates to net non-life insurance premiums and claims are included in this release. Revisions to gross fixed capital formation, consumption of fixed capital and net capital stock Updates to gross fixed capital investment (GFKF) reflect new data and other improvements, including those arising from the commodity balancing process. The following list provides the main updates, by asset type. - Transport equipment. A correction to the treatment of air transport equipment in 2021 and updated data sources have led to upward adjustments in 2021 and 2022. - Plant, machinery, and equipment (PME). Updated QGDP data in the December 2021 quarter contributes to the downward adjustment in 2021 and 2022. - Computer software. Downward adjustments from 2018 onwards due to a correction in the 2021 Information and Communication Technology Supply Survey. - Research and development. There were small upward adjustments after bringing in new data from the 2022 Research and Development Survey. - Exploration. Updated exploration data from QGDP has led to a large downward adjustment to mining in 2022. - Residential and non-residential buildings, and other construction. The net effect of improvements and updates were small downward adjustments to both residential and non-residential building in both 2021 and 2022. Consumption of fixed capital and net capital stock. The revisions to GFKF mentioned above flow into revisions for consumption of fixed capital and net capital stock. In addition to these revisions, there have also been improvements to the estimates of catastrophic losses due to the 2011 Christchurch Earthquake, leading to minor revisions from 2011 onwards for net capital stock and 2012 onwards for consumption of fixed capital. Revisions to national saving from new and improved information National saving revisions summary Year ended March National saving in current price, $(million) Published Nov 2022 Published Nov 2023 2009 1,036 1,036 2010 5,552 5,552 2011 5,438 5,438 2012 6,793 6,791 2013 6,957 6,955 2014 13,685 13,683 2015 14,225 14,249 2016 16,970 17,022 2017 17,983 18,034 2018 20,272 20,145 2019 16,407 16,344 2020 24,385 24,196 2021 20,036 19,829 Revisions to household saving from new and improved information Household saving revisions summary Year ended March Household saving in current price, $(million) Published Nov 2022 Published Nov 2023 2009 -2,504 -2,852 2010 1,266 800 2011 2,603 1,905 2012 3,292 2,585 2013 1,109 306 2014 840 -278 2015 -1,204 -2,610 2016 -1,077 -2,484 2017 -634 -2,711 2018 -819 -3,275 2019 604 -2,177 2020 4,929 2,599 2021 17,839 15,107 en-NZ