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Gross Domestic Product: December 2016 quarter
Embargoed until 10:45am  –  16 March 2017
Revisions

Overview

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:

  • incorporation of the annual Agricultural Production Survey
  • overseas trade indexes corrections
  • versions of trade data
  • updated indicator data.

Incorporation of annual agricultural production statistics

We incorporated data from Agricultural Production Statistics: June 2016 (provisional). The data replaced earlier modelled stock levels. Incorporating the data led to revisions to agricultural activity in GDP, and to agricultural inventories in the expenditure measure of GDP. These changes caused most of the revision to the production measure of GDP in the September 2016 quarter.  We hope to include these revisions in the September quarter in future.

Overseas trade indexes corrections

The overseas trade index deflator for imports of ‘consumption goods – consumer non-durables’ was corrected, causing revisions to the September 2016 quarter.

Several minor changes were made to overseas trade indexes in the June and September 2016 quarters after the 14 November earthquake. The changes affected imports of goods and the overall expenditure measure of GDP.

See Overseas Trade Indexes (Prices and Volumes): September 2016 quarter (provisional) – corrected for more information on the OTI revisions.

Versions of trade data

We incorporated version 4 of Overseas Merchandise Trade: September 2016 quarter. Due to issues arising from the 14 November earthquake, we used version 1 for Gross Domestic Product: September 2016 quarter, although we would normally have used version 2.  By using version 1, we were consistent with Overseas Trade Indexes (Prices and Volumes) September 2016 quarter and Balance of Payments and International Investment Position: September 2016 quarter.  The differences between versions 1 and 2 of provisional trade data are minor and do not significantly affect aggregate level data.  However, the impact on GDP was greater than there would have been had we used version 2.  The revisions affected exports and imports in the expenditure measure of GDP.

Other revisions

We made other revisions due to updated source data.  Incorporating updated source data as it becomes available is a normal procedure, as it better reflects what is going on in the economy.

Financial intermediation services indirectly measured

Updated input data for financial intermediation services indirectly measured (FISIM) resulted in revisions to financial and insurance services in the production measure of GDP, and also in revisions to the following in the expenditure measure of GDP:

  • household consumption expenditure
  • private non-profit consumption expenditure
  • central and local final government consumption expenditure
  • exports and imports of services.

Other revisions to the production measure of GDP

Other revisions to the expenditure measure of GDP

  • Gross fixed capital formation revised due to updated transfer costs data and overseas trade data.
  • Imports and exports revised due to updated overseas merchandise trade data, overseas trade indexes data and balance of payments data.
  • Household consumption expenditure revised due to updated health, telecommunications, transport, and low-value imports data.
  • Central government final consumption expenditure revised due to updated health data.
  • Inventories revised due to various updated input data, and also the process of reconciling inventory changes with the rest of the economy – minimising timing and valuation issues.

Revisions table

The following table shows the previously published and revised quarterly movements for the December 2016 quarter GDP and expenditure on GDP (GDE).

Previously published and revised December 2016 quarterly movements
Quarter GDP GDE
Percentage change from previous quarter
Previously published Revised Previously published Revised
December 2010 -0.6 -0.6 -1.1 -1.1
March 2011 1.1 1.1 1.7 1.7
June 2011 0.6 0.6 1.0 1.0
September 2011 0.9 0.9 1.2 1.2
December 2011 0.4 0.4 0.7 0.7
March 2012 0.9 0.9 0.1 0.1
June 2012 0.3 0.3 0.7 0.7
September 2012 0.2 0.2 0.5 0.5
December 2012 1.4 1.4 1.0 1.1
March 2013 -0.1 -0.1 0.5 0.5
June 2013 1.1 1.1 -0.2 -0.2
September 2013 0.4 0.4 0.7 0.7
December 2013 0.0 0.0 0.5 0.5
March 2014 1.4 1.5 0.9 0.9
June 2014 0.7 0.8 0.6 0.5
September 2014 1.1 1.1 1.0 1.0
December 2014 1.1 1.1 1.0 1.1
March 2015 0.1 0.1 0.3 0.3
June 2015 0.1 0.1 0.8 0.8
September 2015 0.9 1.0 1.2 1.2
December 2015 1.1 1.0 0.7 0.8
March 2016 0.7 0.7 1.1 1.0
June 2016 0.7 0.8 1.2 1.3
September 2016 1.1 0.8 1.4 0.9

Source: Stats NZ

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