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2015 revisions to New Zealand’s macroeconomic accounts

This page provides information on the revisions we will make to 2015 macroeconomic statistics.

Revised figures on spending by international visitors

On 20 February 2015 the Ministry of Business, Innovation and Employment (MBIE) released revised figures for expenditure by international visitors to New Zealand. These revisions result from adopting an improved outlier detection and treatment methodology for the International Visitor Survey (IVS), and affect data from the September 2013 quarter to the September 2014 quarter.

See International Visitor Survey: Outlier detection and treatment on the MBIE website.

Exports of travel services will be $273 million smaller for the March 2014 year as a result of these revisions.

Treatment in Statistics NZ's macroeconomic statistics

We will adopt these revisions as part of our annual revisions cycle. A timeline of when these revisions will appear in our economic releases is shown below.

Release Date
Balance of Payments and International Investment Position: June 2015 quarter 16 September 2015
Gross Domestic Product: June 2015 quarter 17 September 2015
Tourism Satellite Account: 2015 27 October 2015
National Accounts (Income and Expenditure): Year ended March 2015 20 November 2015

The improved outlier detection and treatment methodology in the December 2014 quarter and March 2015 quarter IVS results will be incorporated into our macroeconomic statistics as they are published. This means there will be no revisions (relating to the new outlier methodology) made to exports of travel services in these periods.

Statistics and data series that will be affected by these revisions

Series affected Why series is affected Direction of change
Exports of travel services We will adopt an improved outlier detection and treatment methodology for the IVS. Decrease
Current account balance Records the balance of New Zealand’s earnings from overseas, and expenses overseas. Exports of travel services are part of New Zealand’s earnings from overseas. Larger deficits, smaller surpluses
Household consumption expenditure If less expenditure in the economy is attributed to overseas visitors, this implies that New Zealand households are spending more. Increase
Household saving If New Zealand households are spending more, this implies they are saving less. Decrease

Note that there will be no material impact on GDP as a result of these revisions. The fall in travel services exports is offset by an increase in household consumption expenditure in current price terms.

Published 20 February 2015

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