National Accounts (Income and Expenditure): Year ended March 2025 Data Collection

Update 22 May 2026 After doing analysis, we will not revise this release. The discrepancy in 2024 between the series noted below will be removed and will form part of the revisions to that release when we publish the next annual national accounts in November 2026 (National accounts (industry production and investment): Year ended March 2025 and National accounts (income and expenditure): Year ended March 2026). Data users can continue using the existing data, as the income and expenditure accounts remain internally consistent and the discrepancy of $35 million against a total intermediate consumption of $22.8 billion in the central government non-market sector does not affect their reliability for analytical purposes. Period-specific information This release contains data updates arising from new and updated information including incorporating national accounts (industry production and investment): Year ended March 2024 | Stats NZ statistics. Quarterly national accounts and annual provisional estimates This release contains updated estimates for the March 2023 and 2024 years, with estimates for these balanced years considered to be of final estimate quality. The release also contains provisional estimates in the capital stock tables for the March 2025 year, which we term the provisional year. This includes gross fixed capital formation, capital stocks, and consumption of fixed capital. We will incorporate updated information in future releases for these provisional year estimates. Other March 2025 year provisional estimates will be released together with the experimental quarterly national accounts (income, saving, assets, and liabilities) in January 2026. Further details about this process are outlined below. The annual estimates of the 2025 provisional year will be published together with the National accounts (income, saving, assets, and liabilities): September 2025 quarter in January 2026. This will include the year 2025 for the consolidated accounts as well as all of the institutional sector accounts. Annual year ended March 2025 provisional estimates for the expenditure measure of GDP and its components are used as benchmarks for the Gross domestic product: September 2025 quarter, due to be released on 18 December 2025. Data updates This release contains updates to annual national accounts estimates arising from incorporating new and updated information that has become available since the previous release of annual numbers (revisit wording): More accurate annual data becoming available from the underlying data sources for the March 2024 year for the first time, such as the low-level financial data that becomes available with the annual enterprise survey. An extra year of balanced national accounts data, with goods and services reconciled up to the March 2024 year. This included a downward revision to household consumption expenditure. Improvements to production GDP which provided updated numbers for gross operating surplus and mixed income. Annual improvements to balance of payments data (2013-2024). Improvements to capital transfers and government miscellaneous current transfers associated with the North Island weather events. See the Treatment of adverse weather events in January and February 2023 section below for further detail. Revisions to gross fixed capital investment (GFKF), consumption of fixed capital (CFK), and net capital stock (NKS) from source data updates and a methods update to GFKF quarterly indicators. See the Updates to quarterly indicators for gross fixed capital formation section below for further detail. The reconciliation of financial flows, such as interest and dividends payments and receipts, between all sectors to 2024. See the 2025 preview of national accounts improvements and updates for more information on the above changes. Treatment of adverse weather events in January and February 2023 Insurance flows relating to the adverse weather events of January and February 2023 are recorded as capital transfers in our national accounts. We have revised the adjustments to claims we made in the previous year for 2023 and included new adjustments for 2024. This is based on data we have from the 2024 AES returns, particularly for insurance companies with balance dates ending in December and March, and reports from the Insurance Council of New Zealand. The updated information tells us more about the timing of the recognition of insurance claims related to Cyclone Gabrielle and the Auckland floods. We are also reviewing our treatment of government miscellaneous current transfers associated with the cyclone and flooding events with the intention of improving our estimates in future releases. Super-dividends According to the System of National Accounts 2008, super-dividends are dividends significantly in excess of earnings or past dividend payments. These should not be included as primary income in the income and outlay account but should instead be recorded in the financial account as a withdrawal of equity. We are currently reviewing our treatment of super-dividends in our annual and quarterly accounts. This is an ongoing process, and we have chosen to not implement any method improvements at this time. Updates to quarterly indicators for gross fixed capital formation We have updated our methods to improve quarterly data for investment on the City Rail Link project. This update accompanies the changes to the treatment of the project in our annual GFKF that were mentioned earlier in the paper, and impacts estimates of non-residential building and other construction GFKF. We have also reviewed and updated how our compilation process includes other indicators for government-owned other-construction investment. These changes improve alignment between quarterly and annual estimates, which is expected to reduce the size of revisions when new annual benchmarks are incorporated in future years. Updates to household saving The release includes the first estimate of household saving for the year to March 2024 to incorporate higher quality annual data sources and balanced annual national accounts data. The household saving estimate has revised up $6.1 billion from what was previously published in the National accounts (income, saving, assets, and liabilities): September 2024 quarter, released on 16 January 2025. This release included March year annual tables with the first publication of March 2024 year household saving following the last annual release. Revisions since then predominantly reflect improvements from incorporating balanced annual data for the March 2024 year, but also other updates that have been incorporated in quarterly releases since that time. The main contributors to this revision are: A downward revision to household consumption expenditure (HCE) means household saving is revised up. As described above, for the year to March 2024, updates and improvements subtracted $1.4 billion to the previously published provisional estimate of HCE, while the 2023 HCE figure was revised down by $1.5 billion. For the year ended March 2024, updates and improvements to compensation of employees (COE) received by households reduced the series by $180 million, when compared with provisional estimates published in January 2025. In 2023, COE has been revised up by $389 million. A downwards revision to COE means household saving decreases, while an upwards revision will increase household saving. Gross mixed income (GMI) for non-financial business enterprises has been revised up by $2.3 billion, compared with previously published provisional estimates for 2024 (published in January 2025). This results in an upwards revision to entrepreneurial income or the net residual income available to businesses to distribute back to households. An upwards revision to entrepreneurial income means that household saving also increases by a similar amount. Miscellaneous current transfers receivable and payable were revised upwards for the year ended March 2019 to 2023 due to the incorporation of HES numbers from 2019 to 2023. Net non-life insurance premiums data quality suppression Net non-life insurance premiums include general insurance and health insurance, and represent the total non-life insurance premiums net of the service charge. The service charge is treated as sales output and recorded in the production account. Non-financial business enterprises consist of resident business enterprises that produce goods and non-financial services. Net non-life insurance premiums for this sector do not have a data source, and are instead derived as a residual of all of the other sectors. For the year ended March 2023, incorporating new annual enterprise survey and balance of payments data is creating an unusual movement in this derived series. We have subsequently applied a quality suppression to the year ended March 2023 value. This will be reviewed as part of the next annual balance of payments and national accounts cycle. 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 2025 | 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 supply-use balancing process. The following list provides the main updates, by asset type. Other construction – We have updated our treatment of the City Rail Link infrastructure project, leading to downwards revisions in other construction from 2019 onwards and a small upward revision in 2018. Part of this updated treatment reflects that some of the investment on this infrastructure is captured under non-residential buildings. The sector classification of the infrastructural investment has also been updated. Residential buildings – The method for calculating GST on Residential buildings has been updated, leading to upwards revisions in residential buildings from 2012 onwards. Updated Quarterly Building Activity survey data has been incorporated, leading to upwards revisions in residential buildings for 2023 and 2024. We have corrected our sector classification of Housing New Zealand / Kainga Ora residential building investment data from 2018 onwards. This update has shifted some residential building GFKF from the private sector to the central government sector. Non-residential buildings – Updated Quarterly Building Activity survey data has been included, leading to small revisions in 2023 and 2024. The sector classification of non-residential building investment from the City Rail Link infrastructure project has also been updated from 2019 onwards, resulting in a shift from private sector into local government sector. Software – 2023 Census data has been incorporated into estimates of investment in own account software development, leading to an upwards revision to 2023 software GFKF. Our process to incorporate Census data in software includes updating our model for between-Census years. We have taken the opportunity to update how 2018 Census data was incorporated at the time. The result is upward revisions to software GFKF from 2014 onwards and includes updates to the allocation between sectors. Plant, machinery and equipment – Updated input data has led to downwards revisions in plant, machinery and equipment for 2023 and 2024. Transport equipment – Ship imports and exports have been updated to reflect coverage of New Zealand shipping investments, leading to a downwards revision to transport equipment GFKF in 2023. Air transport equipment has also contributed to downwards revisions to transport equipment GFKF in 2023 and 2024, due to input data updates and a review of the imports categories included in the supply-use balancing framework for this asset. Research and Development - Research and Development Survey 2024 data has been incorporated into research and development GFKF, leading to upwards revisions for 2023 and 2024. GFKF measures investment in fixed assets and comprises about 25 percent of GDP-E. Updates to GFKF flow through to also impact measures of Consumption of Fixed Capital (CFK), capital stocks, and in some cases to accumulation account entries such as catastrophic losses. Stocks of ships. A change to better allocate CFK and NKS of ships between private and central government sectors has also created small revisions in NKS and CFK from 2009 onwards. This does not impact GFKF. Revisions to national saving from new and improved information National saving revisions summary Year ended March National saving in current price, $(million) Published Nov 2024 Published Nov 2025 2011 5,942 5,942 2012 7,014 7,049 2013 7,367 7,436 2014 13,779 13,891 2015 14,434 14,587 2016 17,088 17,280 2017 18,168 18,348 2018 20,291 20,403 2019 16,356 16,562 2020 24,224 24,604 2021 20,075 20,983 2022 15,101 16,186 2023 11,808 13,487 2024 - 13,577 Revisions to household saving from new and improved information Household saving revisions summary Year ended March Household saving in current price, $(million) Published Jan 2025 Published Nov 2025 2011 1,901 1,901 2012 2,578 2,646 2013 298 433 2014 -289 -69 2015 -2,621 -2,338 2016 -2,495 -1,998 2017 -2,722 -2,337 2018 -3,286 -2,853 2019 -2,189 -1,835 2020 2,584 2,322 2021 15,098 14,961 2022 5,109 5,135 2023 -6,475 -4,807 2024 -3,675 2,428 Note on this release National accounts (income and expenditure): Year ended March 2025 and National accounts (industry production and investment): Year ended March 2024 publish several matching data series. Our internal checking has revealed an inconsistency between the following series. National accounts (income and expenditure): SNEA.S1NP1100NS310C3 SNEA.S1NP1200NS310C3 SNEA.S1NP2000NS310C3 National accounts (industry production and investment): SNEA.SG01NAC01P10N2 SNEA.SG01NAC01P20N2 The following relationships should hold: SG01NAC01P10N2 = S1NP1100NS310C3 + S1NP1200NS310C3 SG01NAC01P20N2 = S1NP2000NS310C3 There is a discrepancy of $35 million between these series in 2024. These flow on to general government statistics. Data users should use National accounts (industry production and investment): Year ended March 2024 in preference until the inconsistency is resolved. We will republish with corrected series as soon as we have done the appropriate analysis. en-NZ