National Accounts - Quarterlies June 2018

#Reference period# We collected information for this release for the period April–June 2018. #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 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: Balance of payments annual revisions Local authority statistics annual benchmarking Other revisions due to updated indicator data Balance of payments annual revisions We incorporated balance of payments annual revisions this quarter. These revisions mostly applied to the expenditure measure of GDP (GDE), particularly to exports and imports of services, household consumption expenditure, and other expenditure components. See 2018 revisions to balance of payments and national accounts These revisions are normal practice in June quarters, and ensure that we are in line with international best practice. Local authority statistics annual benchmarking We also incorporated revisions due to local authority statistics annual benchmarking and other quality improvements (see Excel tables 7 and 8 of Local authority statistics: June 2018 quarter). These changes have caused some revisions to the local government expenditure and local government administration on the production side. The impact is minimal at total GDE and GDP level. Other revisions due to updated indicator data We made other revisions due to updated source data. Incorporating updated source data as it becomes available is a normal process, as it better reflects what is going on in the economy. Other revisions to the production measure of GDP We received updated respondent information and other source data, causing revisions to: agriculture, forestry, and fishing electricity, gas, water, and waste services retail trade telecommunications financial and insurance services rental, hiring, and real-estate services Other revisions to the expenditure measure of GDP Inventories revised due to various updated input data, and the process of reconciling inventory changes with the rest of the economy – minimising timing and valuation issues. Gross fixed capital formation revised due to updated transfer costs data and wholesale trade data. Other construction and non-residential building were also revised due to updated respondent information. Household consumption expenditure also revised due to updated financial intermediation services indirectly measured (FISIM) data. Imports and exports revised due to updated overseas merchandise trade data and smaller revisions to the overseas trade indexes (OTI) deflators. The OTI deflators is amended due to the usual process of receiving and editing late and amended trade documentation; and are provisional for one quarter to allow for this lag (details of updates to index numbers in Overseas trade indexes (prices and volumes): June 2018 quarter (provisional). Revisions table The following table shows the previously published and revised quarterly movements for the March 2018 quarter GDP and expenditure on GDP (GDE). GDP and GDE - previously published and revised March 2018 quarterly movements | | GDP | | GDE | |:------|:------:|:------:|:------:|:------:| | Quarter | Previously published | Revised | Previously published | Revised | Jun-14 | 0.5 | 0.5 | 0.5 | 0.6 | Sep-14 | 1.3 | 1.3 | 1.2 | 1.2 | Dec-14 | 1.5 | 1.5 | 1.2 | 1.3 | Mar-15 | 0.3 | 0.3 | 0.7 | 0.8 | Jun-15 | 0.7 | 0.7 | 1.0 | 1.0 | Sep-15 | 1.0 | 1.1 | 1.5 | 1.4 | Dec-15 | 1.0 | 1.0 | 1.0 | 1.0 | Mar-16 | 1.2 | 1.2 | 1.3 | 1.3 | Jun-16 | 1.1 | 1.0 | 0.9 | 0.9 | Sep-16 | 0.7 | 0.8 | 0.6 | 0.5 | Dec-16 | 0.4 | 0.4 | 0.6 | 0.6 | Mar-17 | 0.8 | 0.8 | 0.5 | 0.4 | Jun-17 | 0.9 | 0.8 | 1.4 | 1.0 | Sep-17 | 0.6 | 0.6 | 0.9 | 1.1 | Dec-17 | 0.6 | 0.6 | 0.4 | 0.3 | Mar-18 | 0.5 | 0.5 | 0.3 | 0.4 Source: Stats NZ en-NZ