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

This release contains revisions arising from new and more up-to-date information. The revisions result from balancing the production and expenditure estimates of gross domestic product (GDP) within a supply and use framework. Before balancing, updated and new benchmarks (mainly based on the 2007, 2008, and 2009 annual economic surveys) were adopted for the production-based estimates. In addition, updated and new information from other data sources was included, resulting in revisions to the estimates for the years ended March 2009 and March 2010.

Other revisions were:

  • incorporating new survey data for all years from 2009 onwards
  • incorporating revisions to government accounts data.  

Revisions to balance of payments

Coverage in historical investment income series has been improved in the Balance of Payments to align with the latest Annual National Accounts. These series incorporate data sourced from the Inland Revenue (IRD) and continue the time series that was first included in the Balance of Payments and International Investment Position: June 2010 quarter release. The new figures have been added to quarterly 'other investment income' (credits and debits) from the June 1990 quarter through to the March 1998 quarter, and also affect the following credit, debit, and balance series in the Balance of Payments:

  • investment income
  • income
  • income and transfers
  • current account

Year ended, seasonally adjusted, trend, and ratio series have also been revised for these periods. The revisions affect numbers in both the BPM4 and BPM5 methodologies.

Revisions related to implementing ANZSIC06

This release is the first phase of ANZSIC06 implementation in the 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.

Changes in PIM, the capital stock model used in the national accounts, are the main source of revisions to variables related to fixed assets. The transition to ANZSIC06 meant we needed to review industry-specific parameters used in the model. Altering these parameters has created revisions to consumption of fixed capital in all years.

Revisions to consumption of fixed capital have the most significant flow-on effect in non-market industries. The output of these producers is valued at the sum of the costs they incur producing it. This means that changes in consumption of fixed capital lead to changes in the output and the contribution to GDP for non-market producers. This alters GDP for the whole economy. Changes to consumption of fixed capital for market producers do not reduce GDP or value added. Instead, they are matched by opposite changes to operating surplus, national disposable income, and other related variables.

Impact of the revisions on GDP

The key measure of economic activity, GDP, has been revised, with changes in the income and expenditure components. 

Gross domestic product revisions summary
Percentage change from previous year
Year ended March Gross operating surplus Compensation of employees Gross domestic product 
Previously published Revised Previously published Revised Previously published Revised
2007   4.0  2.5 5.9 6.8 5.0 4.8
2008   9.0 10.5 7.8 8.4 8.1 8.9
2009  -1.5 -4.2 5.7 5.6 1.8 0.6
2010  0.4  1.0 1.1 0.5 1.2 1.0

 

 

Expenditure on GDP revisions summary
Percentage change from previous year
Year ended March Gross fixed capital formation Private final consumption expenditure Expenditure on GDP
Previously published Revised Previously published Revised Previously published Revised
2007 1.1   1.5 5.4 5.6 5.0 4.8
2008  7.5   8.4 5.1 5.4 7.9 8.9
2009 -3.8  -4.9 2.7 2.3 1.7 0.6
2010 -8.6 -12.5 2.1 2.3 1.3 1.1
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