Stats NZ has a new website.

For new releases go to

www.stats.govt.nz

As we transition to our new site, you'll still find some Stats NZ information here on this archive site.

  • Share this page to Facebook
  • Share this page to Twitter
  • Share this page to Google+
Preview of 2016 national accounts improvements
Main improvements to national accounts statistics

This chapter provides an analysis of the main improvements to national accounts and nominal GDP statistics.

Overview of the national accounts annual publications

National Accounts (Industry Production and Investment) – formerly called National Accounts (Industry Benchmarks) – provides comprehensive industry data on production, investment, and capital stocks. It focuses on industry data and the benchmarks for the nominal level of activity, which update and maintain the quality of quarterly GDP-P statistics.

National Accounts (Income and Expenditure) provides information on the national income available for spending and saving, in nominal terms. The release gives an insight into how saving is used and invested between different sectors of the economy. Income and expenditure items provide the basis of updated benchmarks for measuring quarterly GDP-E statistics.

Annual nominal benchmark updates

Annual benchmark updates are the result of applying the supply-use framework, which is a core part of the national accounts framework. The updates affect nearly all statistics published in the national accounts release. The supply-use framework captures the flow of goods and services across the economy. The overall framework ensures that data and methodology updates are reflected in other components affected by the changes.

Applying the supply-use framework requires an extensive process to reconcile goods and service flows, which we undertake annually when the data becomes available. For the first time we will reconcile the goods and service flows occurring over the March 2014 year with the release of the 2016 national accounts. The complete process reflects these additional data needs and the analysis required to interpret conflicting data sources.

A reconciliation process for financial flows, such as interest payments and receipts, is also needed to complete the picture of income and expenditure flows between sectors of the economy. Information is available for the initial reconciliation of financial flows between sectors up to 2016.

Improvements to measuring industry production

We will publish new provisional estimates of industry contributions to GDP for 2015 in this year’s annual national accounts. This reflects a step forward in a longer-term programme of work to increase timeliness of balanced national accounts. Provisional industry data provides customers with a more timely view of industry-level economic activity than previous publications. It has been made possible by making more comprehensive and timely use of 2015 Annual Enterprise Survey data within the annual national accounts cycle.

Because 2015 data is provisional in this year’s nominal industry estimates, it will not be used to benchmark the volume measures of GDP that will be released in December. Provisional estimates are also subject to more revision than final reconciled data. While the provisional industry estimates reflect the best available picture of industry activity, customers can expect some changes to 2015 data once it is fully reconciled within the supply use framework in next year’s release. We aim to deliver more timely reconciled data at the industry level in 2017.

Improvements to measuring expenditure components

The most significant improvement to measuring expenditure on GDP is an update of the data used to measure unconsented building construction arising from the Canterbury earthquakes. Our estimates have been updated due to better housing insurance data becoming available, which has been used to improve our residential building gross fixed capital formation series. The data updates cause upwards revisions of about 3 percent to residential building investment for the years from 2013 to 2015.

  • Share this page to Facebook
  • Share this page to Twitter
  • Share this page to Google+
Top
  • Share this page to Facebook
  • Share this page to Twitter
  • Share this page to Google+