Data Collection - productivity Stats 2024

Productivity measures statistics Notes about this release Data for 2023 and 2024 are provisional and subject to revision as new or updated data becomes available. Data sources Data Publication Release date Output Gross domestic product: December 2024 quarter 20-Mar-25 Labour volume Business employment data: December 2024 quarter 11-Mar-25 Labour market statistics: December 2024 quarter 5-Feb-25 Linked employer-employee data: March 2023 year (annual tables) 2-Dec-24 Capital National accounts (industry production and investment): Year ended March 2023 15-Nov-24 Income shares National accounts (industry production and investment): Year ended March 2023 15-Nov-24 User costs National accounts (industry production and investment): Year ended March 2023 15-Nov-24 Size of the measured sector The productivity statistics measure should cover all industries in the economy. However, the industry coverage of these statistics includes only the ‘measured sector’ – mainly market industries. The measured sector covers approximately three-quarters of the total industry contribution to New Zealand’s gross domestic product (GDP). Primary industries accounted for 7.7 percent of measured sector output and 5.8 percent of total industry contribution to GDP in 2023. Goods-producing industries made up 27.3 percent of measured sector output and 20.6 percent of industry contribution to GDP in 2023. Measured-sector service industries comprised 65 percent of measured sector output and 48.9 percent of industry contribution to GDP in 2023. Labour productivity captures how output relates to changes in labour inputs. Multifactor productivity takes both labour and capital inputs into consideration. This can be seen as productivity from a business point of view, as businesses combine both labour and capital inputs to produce outputs. The effects of unobserved inputs such as technological advances, efficiency gains, and economies of scale are captured by multifactor productivity. Capital productivity captures how output growth relates to capital input growth. Capital inputs include land, machinery, and equipment. The fall in capital productivity reflected higher rises in capital inputs compared with output. Productivity growth cycles Productivity statistics are also analysed across growth cycles. A growth cycle is the span of years between adjacent peaks in economic growth, as determined by statistical techniques. New Zealand’s most recent productivity growth cycle began in 2008. This cycle was abruptly disrupted by the impacts of COVID-19 in the year ended March 2020. This release presents results for the 2008–2019 (pre COVID-19) cycle, as well as the short 2019–2024 period. As more data becomes available in future years, we will continue to review the most suitable way to present long-term productivity growth through the COVID-affected period. The table below shows average annual growth rates across different growth cycles and the latest financial year. Key aggregates for the measured sector(1)(2) Variable Growth cycle Latest annual Full measured sector time series Time period 1997– 2000(2) 2000– 2008(2) 2008 –2019(2) 2019 –2024(2)(3) 2024(4) 1996–2024(2) Percent Output Value added 2.9 3.5 2.2 1.9 0.6 2.6 Labour Labour input 0.1 2.1 1.2 1.7 1.3 1.5 Labour productivity 2.8 1.3 0.9 0.2 -0.7 1.1 Capital Capital input 2.4 3.9 2.3 3.1 1.9 3.0 Capital productivity 0.4 -0.4 -0.1 -1.2 -1.3 -0.3 Multifactor Total inputs 1.1 2.9 1.7 2.3 1.5 2.1 Multifactor productivity 1.8 0.6 0.5 -0.4 -0.9 0.5 The measured sector series begins in 1996. Average annual growth rates, year ended March. Represents COVID-19-affected period. Annual growth rate, year ended March. Source: Stats NZ See Productivity measures statistics – DataInfo+ for more information on growth cycles. Updates to 2022 and 2023 data We have incorporated several updates to 2022 and 2023 data into this release. Before each productivity statistics publication, updated historical data for both input and output indicators are incorporated, leading to updated productivity estimates for previous years. See 2024 preview of national accounts improvements | Stats NZ for more information about the annual output and capital data updates. For the year ended March 2022 and 2023, we have updated: Year ended March 2022 (previously published) Year ended March 2022 (updated) Year ended March 2023 (previously published) Year ended March 2023 (updated) Labour productivity, measured sector 1.0 0.9 -0.9 -0.2 Multifactor productivity, measured sector -0.1 -0.2 -2.2 -1.8 Capital productivity, measured sector -1.5 -1.5 -3.8 -3.8 Revisions We incorporated several revisions in this release. The revisions are usually driven by new or improved data that affect historical results, or changes to the underlying measures. The key revisions are discussed below. Every year, before the release of September quarter GDP statistics, Stats NZ updates its quarterly GDP series following the inclusion of new annual benchmarks in calculations. We now have a comprehensive view of the economy and goods and services flows up to the March 2023 year. This sees our national accounts statistics reflect a more up-to-date structure of the economy. The new annual data comes from National accounts (industry production and investment): Year ended March 2023 and National accounts (income and expenditure): Year ended March 2024, both released on 15 November 2023. Updates in data sources have also led to revisions to the previously published productivity series. These included: revised wholesale inventories feeding into the capital input series. revised productive capital stock feeding into the capital input series. revised household estimates flowing into the capital input series. en-NZ