National Accounts - Quarterlies December 2017

#Reference period# We collected information for this release for the period October–December 2017. #Revisions# We incorporated several revisions in the Gross domestic product: December 2017 quarter release. Revisions reflect new or improved data that affect historical results, or changes to the underlying measure. In both cases we aim to better represent the real-life situation of a changing society, economy, and environment. The key revisions are discussed below. Secondary income and RGNDI revisions We revised real gross national disposable income (RGNDI) due to a historical error in the balance of payments secondary income outflow. The error affects RGNDI for the December 2015 to September 2017 quarters. Real gross national disposable income – previously published and revised quarterly movements RGNDI Quarter Previously published (%) Revised (%) Dec-15 0.1 0.1 Mar-16 2.5 2.7 Jun-16 0.6 0.9 Sep-16 0.9 0.6 Dec-16 2.3 2.3 Mar-17 -0.5 -0.4 Jun-17 1.6 1.2 Sep-17 0.7 0.8 See Correction in secondary income for more information. The new annual data comes from National Accounts (Industry Production and Investment): Year ended March 2016 Other revisions We made other revisions due to updated source data. Doing this as updates become available is a normal procedure, as it better reflects what is going on in the economy. Other revisions to the production measure of GDP Public administration, safety, and defence revised due to updated data from Local authority statistics: December 2017 quarter – tables. Retail trade and accommodation revised due to corrected respondent data in Retail trade survey: December 2017 quarter. Manufacturing revised due to updated respondent data in Economic survey of manufacturing: December 2017 quarter. We received updated respondent information and other source data, which caused revisions to agriculture, forestry, and fishing; mining; electricity, gas, water and waste services; telecommunications; finance and insurance; and rental, hiring, and real estate services. Other revisions to the expenditure measure of GDP Household consumption expenditure revised due to updated retail trade, telecommunications, and financial intermediation services indirectly measured data. Central government consumption expenditure revised due to updated health data. Imports and exports revised due to updated Overseas trade indexes (prices and volumes): December 2017 quarter (provisional) data. There were also revisions to overseas merchandise trade, and balance of payments data. Gross fixed capital formation revised due to updated overseas trade data, updated transfer costs data, and updated deflator data. Revisions table The following table shows the previously published and revised quarterly movements for the September 2017 quarter GDP and expenditure on GDP (GDE). GDP and GDE - previously published and revised quarterly movements, percentage change from previous quarter GDP GDE Quarter Previously published Revised Previously published Revised Dec-14 1.5 1.5 1.2 1.3 Mar-15 0.3 0.3 0.7 0.7 Jun-15 0.7 0.7 1.0 1.0 Sep-15 1.0 1.0 1.5 1.5 Dec-15 1.0 1.0 1.1 1.0 Mar-16 1.1 1.1 1.2 1.2 Jun-16 1.1 1.1 1.0 1.0 Sep-16 0.7 0.7 0.6 0.5 Dec-16 0.4 0.4 0.3 0.6 Mar-17 0.8 0.7 0.3 0.3 Jun-17 1.0 0.9 1.4 1.5 Sep-17 0.6 0.6 0.9 1.0 Source: Stats NZ en-NZ