National Accounts- Quarterlies December 2024 Data Collection

Gross domestic product: December 2024 quarter – changes and data updates Introduction Gross domestic product (GDP) sources and methods are thoroughly documented (see: Quarterly gross domestic product: Sources and methods (second edition), with a further update in Quarterly gross domestic product: Sources and methods (fifth edition). See National accounts (income, saving, assets, and liabilities): Sources and methods (fourth edition) for the data sources and methods used in estimating GDPI). Overview of sources and methods for quarterly gross domestic product: Updates and COVID-19 adjustments provides a summary of the sources and methods and also includes information about where we have used alternative indicators to better capture the impacts of COVID-19 on economic activity. The quarterly indicators used when compiling our estimate of GDP are the best that we have available at that time. We usually face trade-offs between timeliness and the quality of available data sources. As higher quality data becomes available this is incorporated into our estimate of GDP as data updates. As a result, the methods we use vary depending on the data available and are underpinned by certain assumptions. In normal periods of activity, these assumptions provide reasonable estimates of activity. In periods of abrupt disruption, such as the COVID-19 alert level 4 lockdowns, some of these relationships weakened or no longer applied. During the COVID pandemic we used alternative indicators in some parts of our GDP compilation to ensure the effects of the pandemic and related restrictions on activity are appropriately measured. We have largely reverted to our usual quarterly indicators, but a small number of component series still use alternative indicators where returning to our usual method will lead to poorer quality estimates. Overview of sources and methods for quarterly gross domestic product: Updates and COVID-19 adjustments is an updated guide to the concepts and methods we are using to compile gross domestic product (GDP). It also includes information on where alternative indicators remain in use. Corrections to quarterly gross domestic product Correction to wholesale trade A minor processing error occurred when we compiled wholesale trade survey data in the September 2024 quarter. This has now been corrected, resulting in changes to estimates from the March 2023 quarter onwards. Improvements update Update to annual forecast for household spending on education We have improved how we calculate future benchmarks for household spending on education. We previously used the median movement over the last seven years to forecast future years. Starting this quarter, we are now using population projections to rate forward annual education volumes. This change has revised household spending on education from June 2022 onwards. Update to annual benchmark for private ships gross fixed capital formation (GFKF) We have adjusted how the quarterly indicator series for transport equipment (private ships) is being reconciled with annual benchmarks to address a quality issue in the resulting reconciled series. These changes caused updates to transport equipment GFKF from the March 2020 quarter onwards. Changes due to updated indicator data Incorporating agricultural production statistics We incorporated new data from Agricultural Production Statistics. The data replaced earlier published data and modelled stock levels. Incorporating the data led to updates to agricultural activity in GDP, and to agricultural inventories in the expenditure measure of GDP. These changes caused updates from the March 2022 quarter onwards. Agricultural production statistics: Year to June 2024 (provisional) | Stats NZ has more information. Incorporating updated business financial data (BFD) Business financial data (BFD) for manufacturing has updated data from the September 2022 to September 2024 quarters. This has caused changes to both the manufacturing industry and manufacturing inventories over the same period. BFD for retail trade has updated data for the September 2024 quarter, causing changes to retail trade estimates for the same period. Business financial data: December 2024 quarter | Stats NZ and Infoshare changes by date | Stats NZ have more information. Incorporating updated value of building work put in place data Value of building work put in place (also known as Quarterly Building Activity Survey (QBAS)) has updated data from the March 2024 quarter onwards. This has caused changes to both construction and gross fixed capital formation over the same period. Value of building work put in place: December 2024 quarter | Stats NZ has more information. Incorporating updated linked employer-employee data (LEED) Linked employer-employee data (LEED) has been updated in December 2023. This has caused changes to fishing, as well as electricity, gas, water, and waste services over the same period. Linked employer-employee data: December 2023 quarter | Stats NZ has more information. Incorporating updated local authority statistics data (QLAS) Local authority statistics data has been updated in the December 2024 quarter release, causing updates to local government data on the production side of GDP for the September 2024 quarter. It also affected local government final consumption expenditure from the September 2022 quarter onwards. Local authority statistics: December 2024 quarter | Stats NZ has more information. Incorporating updated international trade and balance of payments data International trade data for the September 2024 quarter has been updated, causing revisions to exports and imports, as well as plant and machinery equipment in gross capital fixed formation (GFKF). Balance of payments data has been updated causing revisions to household consumption expenditure on recreational and cultural services for the September 2024 quarter. Overseas merchandise trade: December 2024 | Stats NZ, Overseas Trade Indexes - Stats NZ DataInfo+ and Balance of payments and international investment position: December 2024 quarter | Stats NZ have more information. Other changes due to updated respondent information and other source data We received updated respondent information and other source data, causing updates to: agriculture, forestry, and fishing – updated livestock slaughter data and roundwood removal data transport, post and warehousing - new and updated MBIE data information, media, and telecommunications – updated administrative data from Inland Revenue finance and insurance – updated financial intermediation services indirectly measured (FISIM) data and RBNZ data rental, hiring, and real estate services – updated Quotable Value (QV) data business services – updated redundancy adjustments healthcare and social assistance – updated redundancy adjustments household consumption expenditure – updated administrative data from Inland Revenue gross fixed capital formation – updated respondent data unallocated taxes – flow-through from updates to construction; rental, hiring and real estate services; and gross fixed capital formation. Updates in GDP income measure Updates to business financial data (BFD), Quarterly Building Activity Survey (QBAS), final consumption expenditure, gross fixed capital formation, inventories, and imports and exports of goods and services will flow through to GDPI series. Data updates table The table below shows previously published and updated quarterly movements for GDP and expenditure on GDP (GDE) from the June 2019 to the September 2024 quarters. While there were some changes to earlier quarters, these were less significant. All movements shown are in constant prices. Previously published and updated quarterly movements Gross domestic product Gross domestic expenditure Percentage change from previous quarter Quarter Previously published Updated 20 March 2025 Previously published Updated 20 March 2025 June 2019 0.0 0.0 0.0 -0.1 September 2019 0.8 0.8 0.8 0.8 December 2019 1.0 1.0 0.7 0.7 March 2020 -1.1 -1.1 -0.8 -0.8 June 2020 -10.4 -10.4 -10.0 -10.0 September 2020 14.1 14.1 14.0 14.0 December 2020 0.4 0.4 0.5 0.5 March 2021 2.1 2.1 2.1 2.1 June 2021 0.9 0.9 0.9 0.9 September 2021 -4.2 -4.2 -4.2 -4.2 December 2021 4.1 4.1 3.9 3.9 March 2022 0.0 0.0 0.2 0.2 June 2022 1.1 1.1 1.2 1.2 September 2022 2.0 2.0 2.3 2.4 December 2022 0.0 0.0 0.1 -0.1 March 2023 -0.1 -0.1 -0.3 -0.2 June 2023 0.7 0.8 0.8 0.9 September 2023 0.0 0.0 -0.1 0.0 December 2023 0.3 0.2 0.1 0.0 March 2024 0.3 0.4 0.5 0.5 June 2024 -1.1 -1.1 -0.8 -0.8 September 2024 -1.0 -1.1 -0.8 -0.9 en-NZ