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Gross Domestic Product: March 2017 quarter
Embargoed until 10:45am  –  15 June 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
  • chain linking
  • wholesale trade survey revisions
  • updated indicator data.

Incorporation of annual agricultural production statistics

We incorporated data from the Agricultural Production Statistics: June 2016 (final). The data replaced the earlier provisional stock levels. Incorporating the final data led to revisions to agricultural activity in GDP, and to agricultural inventories in the expenditure measure of GDP. These changes caused revisions from the September 2015 quarter onwards.  Most of the revisions to the expenditure measure of GDP were caused by the incorporation of the agricultural production statistics.

Chain linking

We made revisions because we now have data for the year ended March 2017. We use data for March years to calculate chain-volume measures. The revisions affect all industries in the production and expenditure measures of GDP. They are particularly noticeable in the chain-volume measures of exports and imports, and in the total expenditure measure of GDP, as well as financial and insurance services on the production measure of GDP. See chain volume measures in National Accounts for more information.  There are small revisions going back several years, but most of the revisions are from the June 2016 quarter onwards.

Wholesale trade survey revisions

There were revisions to the Wholesale Trade Survey: March 2017 quarter. This was due to updated information from respondents, changes to reporting for a respondent and structural change with a business ceasing. These revisions affected wholesale trade activity in GDP, and to distribution inventories in the expenditure measure of GDP. There were revisions from March 2016 quarter onwards.

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

  • Manufacturing revised due to updated Economic Survey of Manufacturing: March 2017 quarter data.
  • We received updated respondent information and other source data, causing revisions to agriculture, forestry, and fishing; electricity, gas, water, and waste services; telecommunications; financial and insurance services; rental, hiring and real-estate services; and public administration, safety, and defence.

Other revisions to the expenditure measure of GDP

  • 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.
  • Imports and exports revised due to updated overseas merchandise trade data, overseas trade indexes data, and balance of payments data.
  • Gross fixed capital formation revised due to updated transfer costs data and overseas trade data.
  • Household consumption expenditure revised due to updated telecommunications and transport data.
  • Local government final consumption expenditure revised due to updated Local Authority Statistics: March 2017 quarter data.

Revisions table

The following table shows the previously published and revised quarterly movements for the March 2017 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
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 1.1 1.0
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 1.5 1.4 0.9 0.9
June 2014 0.8 0.8 0.5 0.5
September 2014 1.1 1.1 1.0 1.0
December 2014 1.1 1.1 1.1 1.0
March 2015 0.1 0.1 0.3 0.3
June 2015 0.1 0.1 0.8 0.9
September 2015 1.0 0.9 1.2 1.1
December 2015 1.0 1.1 0.8 0.9
March 2016 0.7 0.7 1.0 1.1
June 2016 0.8 0.8 1.3 0.8
September 2016 0.8 0.8 0.9 0.9
December 2016 0.4 0.4 0.2 0.1

Source: Stats NZ

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