National Accounts (Income and Expenditure): Year ended March 2021

Period-specific information This release contains revisions arising from new and updated information. It incorporates National accounts (industry production and investment): Year ended March 2020 | Stats NZ statistics and new and improved information. Estimates for 2021 are provisional Figures for the year ended March 2021 are provisional, and incomplete for the business sectors of the economy. We will incorporate up-to-date information in future releases. The new information will also affect distributions between the business and household sectors and flow into household saving. National accounts (income and expenditure): Year ended March 2022 will provide provisional estimates for the March 2022 year and revised estimates for the March 2020 and 2021 years. Revisions to the national accounts in 2022 will result from up-to-date information becoming available, including updated data from the Annual enterprise survey: 2020 financial year (provisional) | Stats NZ and the inclusion of detailed results from the 2021 annual enterprise survey. Statistics for the years up to 2020 are consistent with National accounts (industry production and investment): Year ended March 2020 Revisions This release contains the following revisions to annual national accounts arising from new and updated information: 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 an extra year of balanced national accounts data, with goods and services reconciled up to the March 2020 year improvements to production GDP which affected revised numbers for gross operating surplus and mixed income revisions to household consumption expenditure (HCE) annual improvements to balance of payments data (2016-2020) The institutional sector accounts also include the following updates: updated tax data the reconciliation of financial flows, such as interest and dividends payments and receipts, between all sectors to 2020 incorporation of revised household dwelling estimates See the 2021 national accounts improvements preview for more information on the above changes. In addition to the revisions mentioned in the preview paper, in the institutional sector accounts the following improvements have been made: Improvements to sector level estimates of gross fixed capital formation (GFKF) and consumption of fixed capital (CFK) back to 1999. Overall, these improvements have resulted in significant upward revisions to CFK estimates for non-corporate businesses (closely held businesses of households). Consequently, this results in significant downward revisions to ‘entrepreneurial income’ or the net residual income available to the business to distribute back to households. A downward revision to income of self-employed business owners means household saving is also revised downward by the same magnitude. Improvements of the provisional method for calculating household net purchases of land. Incorporation of new methods – for the year ended March 2021 estimates we have begun assessing existing provisional methods for consistency with the new experimental quarterly income, saving, assets, and liabilities release. This has resulted in partially incorporating some quarterly methods and data into the following household series - Entrepreneurial income - Interest paid - Interest received New quarterly national accounts and annual provisional estimates The annual national accounts include ‘provisional estimates’ of key variables for the year following the most recent balanced year (March 2021 in this year’s release). We use a range of data sources and the experimental quarterly income, saving, assets, and liabilities estimates now provide further information for some series. In future we anticipate at least some provisional methods being replaced by aggregated quarterly estimates. For this year’s release we are using a combination of the new quarterly data and previous data sources and methods for provisional estimates for the annual release. It should be noted that the new quarterly series remain experimental and there may be some inconsistencies or differences between these quarterly figures and annual provisional estimates. The annual provisional estimates represent the official measures for the period. During 2022 we will undertake further assessment of potential increased use of aggregated quarterly values or methods. If substantial use is made of this approach, there may be changes to the publication format of provisional estimates in future. 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 2021 | Stats NZ: included revisions to overseas investment income which are included in this release. Other revisions include improved data sources for film exports, and revisions to personal and migrant transfers. See 2021 revisions to balance of payments and national accounts | Stats NZ for balance of payments revisions and an evaluation of their impact. We have identified a small inconsistency between the Central Government accounts and the Balance of Payments, for other current taxes in the 2020 and 2021P year. This will be investigated following the release and may result in minor revisions in the annual 2022 publication. Revisions to national saving from new and improved information National saving revisions summary Year ended March National saving in current price, $(million) Published Nov 2020 Published Nov 2021 2009 1,036 1,036 2010 5,552 5,552 2011 5,438 5,438 2012 6,793 6,793 2013 6,957 6,957 2014 13,685 13,685 2015 14,225 14,225 2016 16,970 16,970 2017 17,911 17,975 2018 20,590 20,645 2019 19,857 16,862 2020 22,422 22,255 Revisions to household saving from new and improved information Household saving revisions summary Year ended March Household saving in current price, $(million) Published Nov 2020 Published Nov 2021 2007 -3,512 -4,091 2008 112 -604 2009 -1,501 -2,504 2010 2,154 1,266 2011 3,460 2,603 2012 4,059 3,292 2013 1,764 1,109 2014 1,638 842 2015 -407 -1,039 2016 -28 -709 2017 478 38 2018 -90 -294 2019 870 1,142 2020 736 5,353 en-NZ