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National Accounts: Year ended March 2011
Embargoed until 10:45am  –  18 November 2011
Data quality

Period-specific information
This section has information about data that has changed since the last release

General information
This section has information about data that does not change between releases

Period-specific information

ANZSIC06

The Australian and New Zealand Standard Industrial Classification (ANZSIC), was developed by Statistics New Zealand in partnership with the Australian Bureau of Statistics (ABS) in the early 1990s. It aimed to reflect the structure of Australian and New Zealand industries and improve comparability with other countries’ statistics.

In this release, the 2006 version of this classification, ANZSIC06, is introduced into the New Zealand national accounts. Before this release, the 1996 version (ANZSIC96) was used to classify economic units to industries in New Zealand's national accounts. The second phase will be the move of quarterly GDP to ANZSIC06 in June 2012. During this transition period the quarterly and annual releases will be compiled with different industry classifications. This will create differences in the current price measures of expenditure on GDP, which are included in both releases.

It is important to periodically review industrial classifications to make sure they remain relevant and current. Keeping our statistics relevant ensures they fit the intended purpose and are useful to our users. It also maintains comparability with other statistical agencies, such as the ABS, which implemented ANZSIC06 in December 2009 (see Changes to the way Australia calculates GDP on the Statistics NZ website).

ANZSIC06 reflects changes that have occurred in the structure and composition of industry since ANZSIC was first developed. These include changes in production practices, the development of new products and services, and advances in technology. For example, the information media and telecommunications industry has developed rapidly since the early 1990s and now makes up a significantly larger part of the total industry. ANZSIC06 brings together all these activities within a single ANZSIC division.

Changing industry classifications should have no effect on aggregate values for the whole economy. The underlying economic activity has not changed, so it is just another way of ‘slicing up the pie’. In practice, a variety of factors lead to revisions to previously published data. In practice some methods will need to change. For example, a newly identified industry may not be well covered by existing data sources, which means we needed to develop a different calculation method. This can cause revisions to previously published data, but they are usually small.

Published figures

The figures for the March 2010 and 2011 years are provisional. Note that data may not sum to stated totals due to rounding. Data for 2011 includes the GST increase from 12.5 percent to 15.0 percent on 1 October 2010.

National Accounts: Year ended March 2012 will provide provisional estimates for the year ended March 2012 and revised estimates for the years ended March 2010 and 2011.

The revisions will result from more up-to-date information becoming available, including detailed results from the Annual Enterprise Survey.

Backcasting

Definition and time periods covered
One of the strengths of the national accounts is that they provide long-term time series for economic analysis. Maintaining these time series can be challenging when we introduce new classifications, as it may not be possible to recompile the accounts for earlier years. This can be due to a lack of appropriate data or to the very large resource requirements needed to recompile. Backcasting is an alternative to recompiling. Backcasting means we estimate historical data as if it had been compiled with new classifications, methodology, or data sources. For ANZSIC06, backcasting is used to incorporate a new industrial classification.

The year ended March 2007 is the first year that the national accounts are fully compiled using ANZSIC06 source data and methods. This compilation is underpinned by balancing GDP measures within an ANZSIC06 supply and use framework. We compile years before 2007 using backcasting techniques, initially backcasting the annual national accounts to the year ended March 1987. A further release in February 2012 will extend the series back to 1972.

For more information, please see Implementing ANZSIC 2006 in national accounts and productivity.

General information

Information about the tables

GDP and expenditure on GDP

Gross domestic product is a measure of the value added from all economic activity in New Zealand. This account shows the main forms of income generated by the economy and the categories of final expenditure on the gross domestic product.

National income and outlay account

This account shows the total income received by New Zealand residents and how this income is appropriated. The balancing item is saving, which is a major source of finance for investment in fixed assets and stocks.

Capital account

This account shows the types of expenditure incurred by residents in accumulating capital assets and the total amount of funds available for that purpose. The difference between capital accumulation of assets and the funds available to residents (i.e. saving, income set aside for the replacement of capital equipment used up, and capital transfers from the rest of the world, net) is made up by lending to or borrowing from the rest of the world. By convention, this residual (net lending to the rest of the world) is shown as a debit item.

External account

This account brings together all transactions with the rest of the world and is in two parts, current and capital. The current account records receipts and disbursements for merchandise trade, services, international investment income and transfers, while the capital account introduces net capital transfers. The residual, records New Zealand’s net lending/borrowing with the rest of the world. The items in this account are derived from the overseas Balance of Payments statistics.

Supply and use balancing

Annual current price production and expenditure estimates of GDP components are reconciled within the supply and use framework. This framework provides a powerful statistical and analytical tool within which to balance the flows of goods and services in the economy. It presents a detailed analysis of the production and use of goods and services, and the incomes generated in that production.

The accounts are balanced when, for all industries, total inputs equal total outputs and, for products, total supply equals total demand. As a result, the statistical discrepancy between the measures of GDP is zero in the years for which balancing has been carried out.

The supply and use approach also provides the basis for checking the consistency of the measures of the supply and use of goods and services, which are estimated from quite different statistical sources. This data confrontation results in balanced GDP and expenditure accounts. Analytical tables produced for supply and use data confrontation are known as supply and use tables. This approach leads to improvements in the accuracy of key national accounts measures, such as GDP, gross national expenditure, national disposable income and their components.

Confidentiality

ANZSIC06 data is published in categories specified in the New Zealand Standard Industry Output Categories (NZSIOC) classification. A table showing the different NZSIOC levels is available on the New Zealand Standard Industry Output Categories classification tables web page.

The annual national accounts are published at NZSIOC level three, which has 55 industry categories, more than the ANZSIC96 equivalent. As with ANZSIC96, some industries may be grouped to preserve the confidentiality of individual businesses.

Liability

While all care and diligence has been used in processing, analysing, and extracting data and information in this publication, Statistics NZ gives no warranty it is error-free and will not be liable for any loss or damage suffered by the use directly, or indirectly, of the information in this publication.

Timing

Timed statistical releases are delivered using postal and electronic services provided by third parties. Delivery of these releases may be delayed by circumstances outside the control of Statistics NZ. Statistics NZ accepts no responsibility for any such delays.

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