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Gross Domestic Product: December 2015 quarter
Embargoed until 10:45am  –  17 March 2016
Revisions and correction

We incorporated several revisions in this release. The key revisions are discussed below.

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 to household consumption expenditure, private non-profit consumption expenditure, central and local government final consumption expenditure, and exports and imports of services in the expenditure measure of GDP.

Other revisions

In addition to the major changes listed above, we incorporated other revisions this quarter. These are outlined below.

Revisions to GDP

  • Business services was revised due to an entry error in the input data. The revision affects the series in the September 2015 quarter.
  • Updated input data resulted in revisions to agriculture, forestry, and fishing; manufacturing; electricity, gas, water, and waste services; information media and telecommunications; financial and insurance services; rental, hiring, and real estate services; public administration and safety; health care and social assistance.

Revisions to expenditure on GDP

  • Household consumption expenditure was revised due to updated data for electricity, communications, insurance services, and fringe benefits.
  • Central government was revised when we corrected an error. This revision affects the series in the September 2015 quarter.
  • Local government was revised due to updated data from the Local Authority Statistics: December 2015 quarter – tables
  • Gross fixed capital formation was revised due to updated data for transfer costs, and updated overseas trade data. 
  • Inventories was revised due to updated agriculture and forestry data, and updated Wholesale Trade Survey: December 2015 quarter.
  • Imports and exports were revised due to updated overseas merchandise trade data and updated balance of payments data.

Revisions table

The following table shows the previously published and revised quarterly movements for the December 2015 quarter GDP and expenditure on GDP (GDE).

Previously published and revised December 2015 quarterly movements
Quarter GDP GDE
Percentage change from previous quarter
Previously published Revised Previously published Revised
December 2009 1.0 1.0 1.2 1.2
March 2010 0.3 0.3 1.2 1.2
June 2010 0.7 0.7 0.4 0.4
September 2010 -0.3 -0.3 -1.4 -1.4
December 2010 -0.4 -0.4 -0.6 -0.6
March 2011 1.1 1.1 1.4 1.4
June 2011 0.7 0.7 0.9 0.9
September 2011 0.9 0.9 1.2 1.2
December 2011 0.6 0.6 1.0 1.0
March 2012 0.7 0.8 0.0 0.0
June 2012 0.3 0.3 1.0 1.0
September 2012 0.3 0.3 0.7 0.7
December 2012 1.5 1.4 0.7 0.7
March 2013 -0.1 -0.1 0.1 0.2
June 2013 0.8 0.8 -0.1 -0.1
September 2013 0.8 0.8 0.8 0.7
December 2013 0.5 0.5 0.3 0.3
March 2014 1.3 1.4 1.3 1.3
June 2014 0.9 0.9 0.4 0.4
September 2014 0.9 0.9 1.1 1.0
December 2014 0.9 0.9 1.2 1.1
March 2015 0.2 0.3  0.4 0.4
June 2015 0.3 0.3 0.7 0.7
September 2015  0.9 0.9 1.2 1.4 

Source: Statistics New Zealand

 

Correction to implicit price deflator for seasonally adjusted residential building investment

12 April 2016

We corrected the December 2015 seasonally adjusted implicit price deflator for residential building investment from 1222 to 1213.

The error has no effect on the quarterly seasonally adjusted implicit price deflator for gross fixed capital formation or any other series.

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