Go to Statistics New Zealand homepage.
Contact us  |  Help



Information about the National Accounts - Year ended March

Document Map
Jump to: Availability
Jump to:Design
Jump to:Output Variables
Jump to:Guide To Interpreting Data
Jump to:Customised Output
Jump to:Catalogue & Reference Numbers
Jump to:Commercially Available Tables
Jump to:Other Comments
Jump to:Classification(s) Used
Jump to:Glossary of Terms
Jump to:Contact Details










Availability

Valid From: ..
To: .. Ongoing
Frequency: ..Annually



Design
Purpose: The National Accounts - Year ended March release provides the first estimate of the most recent years' consolidated accounts of the nation in nominal terms. Also released with this publication are industry detailed tables, household income and outlay accounts, capital stock series and general government sector account.

General Information ..National Accounts
This covers the first estimate of New Zealand's annual production, income and expenditure in current prices, industry detailed tables, household income and outlay account, capital stock measures and general government sector account. It is published approximately eight months after the end of the reference period.

Current prices means that the effects of inflation have not been removed, unlike the headline estimates presented in the quarterly GDP release. The current price annual National Accounts release provide detailed analysis of the structure of the New Zealand economy up to the latest balanced year. The concept of a balanced year is described in more detail in the glossary of terms below.

Estimates for the latest two years are provisional and are produced from a smaller range of data than that available for producing the final estimates, and as a result are generally regarded as being less accurate.

Data is available back to 1972. The latest two years in the November release are usually released as provisional estimates at the total economy level. On the production side industry accounts are based on the Australian New Zealand Standard Industry Classification.

The years 1987 and from 1996 up to but not including the provisional years are released as a balanced set of accounts. This means that the production and expenditure sides are equal i.e. there is no statistical discrepancy unlike in the other years. The balancing is done through an input/output process that balances at the commodity level.

There are a range of other tables available. These include the Household Income and Outlay account, Net and Productive Capital Stock by Asset Type, Contribution to GDP by Industry, Components of GDP by Industry, Agriculture: Gross Output Analysis and Intermediate Consumption Analysis, Indirect Tax Breakdown (into Tax Type), Conversion of Balance of Payments to the External Transactions Account







Output Variables

Output variables are pieces of individual information that can be extracted from the survey/output data. Often output variables can be cross tabulated with other output variables, for example sales by industry classification. The list below contains all current and past output variables which have been released for this survey/output.
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.

Household Income and Outlay Account
This account provides a statement of income and expenditure of the household sector with saving being the difference between the flows.

Net Capital Stock by Asset Type - Current prices (replacement cost)
Net capital stock represents accumulated investment less retirements and accumulated depreciation for assets still operating (ie gross capital stock less accumulated depreciation on assets still in operation).

Productive Capital Stock by Asset Type - Chain-volume series expressed in 1995/96 prices
Productive capital stock represents accumulated investment less the accumulated value of the assets retired plus the loss of efficiency of those assets still operating.

General government sector account
The general government sector accounts are made up of the production account; the income and outlay account; and the capital account for the two levels of government in New Zealand; central and local government.

Production account
The production account has two parts: non-market and market. These two parts record the current value of goods and services produced, and the costs associated in producing them. Key items measured in this account are services for own use and value-added.

Income and outlay account
The income and outlay account, records factor incomes and the subsequent redistributive flows not associated with production. Saving is derived as the residual and represents the part of disposable income that is not spent on final consumption goods and services.

Capital account
The capital account records all transactions of non-financial assets, and how these are financed after net capital transfers have been accounted for. Net lending is the balancing item of the capital account.


Changes in Output Variables over time





Guide to Interpreting Data

Summary of Changes to Survey/Output ..Significant changes occurred in the November 2000 publication. These include:

  • The introduction of the System of National Accounts 1993 (SNA93). This has changed the transactions and definitions that will alter the level of GDP and potentially the track of economic growth. These have also been incorporation into the constant price accounts.
  • The introduction of a new industrial classification Australia and New Zealand Standard Industrial Classification 1996 (ANZSIC). Changes as a result of moving from NZSIC based accounts to ANZSIC based accounts.
  • The incorporation of the 1996 Inter-Industry study results. The results of this study become a benchmark for the National Accounts.
  • This is further documentation on the above changes from the upgraded national accounts hot off the press http://www.stats.govt.nz/domino/external/PASFull/pasfull.nsf/23ceac9ff42334794c2567ed0009410b/4c2567ef00247c6acc2569bc0014def9?OpenDocument

Usage and Limitations of the Data ..These series are used by a wide variety of users and for a wide variety of tasks including economic forecasting, analysis of the NZ economy and government advice.

Related Data Sources ..

Sampling Errors ..

Non-sampling errors

Caveats on Release ..








Catalogue & Reference Numbers

INFOS: SNCA.S*




Hot off the Press tables
These are the headline tables published in the Hot off the Press release:
1.1 Consolidated accounts of the nation, gross domestic product and expenditure account
1.2 Consolidated accounts of the nation, national income and outlay account
1.3 Consolidated accounts of the nation, national capital account
1.4 Consolidated accounts of the nation, external account
1.5 Contribution to gross domestic product by industry, current prices
1.6 Gross fixed capital formation by asset type, current prices
1.7 Net capital stock by asset type, current prices (replacement cost)
1.8 Productive capital stock by asset type, chain-volume series expressed in 1995/96 prices


The following three tables provide an industry breakdown of the above three series:
1.9 Gross fixed capital formation by industry, current prices
1.10 Net capital stock by industry, current prices (replacement cost)
1.11 Productive capital stock by industry, chain-volume series expressed in 1995/96 prices


The following table shows the key aggregates and the derivation of national disposable income:
1.12 Principal aggregates

Additional tables
The tables below are available on Statistics New Zealand website.
Consolidated accounts full series
1.1 Consolidated accounts of the nation, gross domestic product and expenditure account
1.2 Consolidated accounts of the nation, national income and outlay account
1.3 Consolidated accounts of the nation, national capital account
1.4 Consolidated accounts of the nation, external account

GDP breakdown
2.1 Contribution to GDP, by industry, current prices
2.2 Components of gross domestic product, by industry, current prices
2.3 Components of gross domestic product, by sector of ownership, current prices
2.4 Inter-industry study for 1995/1996, current prices (Last published in 2001.)

Agriculture analysis
2.5 Agriculture output analysis
2.6 Agriculture intermediate consumption analysis

Taxes on production
2.7 Taxes on production and imports breakdown

Household income and outlay account
1.5 Household income and outlay account

Note: The household income and outlay account is available on the Statistics NZ website,
subject to the following caveat. In the absence of a full suite of institutional sector accounts,
cross-sector transactions are unable to be fully confronted within the national income and outlay account framework. As a consequence, all data should be considered experimental, and caution should be exercised when interpreting these results.

Institutional sector accounts: Government sector
3 General government sector accounts
3a Central government sector accounts
3b Local government sector accounts

Note: The general government sector account is available on the Statistics NZ website, subject to the following caveat. In the absence of a full suite of institutional sector accounts, cross-sector transactions are unable to be fully confronted within the national income and outlay account framework. As a consequence, all data should be considered experimental, and caution should be exercised when interpreting these results.

Capital stock
Capital stock 1A Consumption of fixed capital by industry, current prices
Capital stock 1B Consumption of fixed capital by sector, current prices
Capital stock 2A Gross fixed capital formation by asset type, current prices
Capital stock 2B Gross fixed capital formation by industry, current prices
Capital stock 2C Gross fixed capital formation by sector, current prices
Capital stock 3A Net capital stock by asset type, current prices (replacement cost)
Capital stock 3B Net capital stock by industry, current prices (replacement cost)
Capital stock 3C Net capital stock by sector, current prices (replacement cost)
Capital stock 4A Productive capital stock by asset type, chain-volume series expressed in 1995/96 prices
Capital stock 4B Productive capital stock by industry, chain-volume series expressed in 1995/96 prices
Capital stock 4C Productive capital stock by sector, chain-volume series expressed in 1995/96 prices

Supply and use tables
The National Accounts business unit of Statistics New Zealand has now compiled supply and use tables in basic prices. The supply and use tables record how supplies of different kinds of goods and services originate from domestic industries and imports and how those supplies are allocated between various intermediate and or final uses, including exports.

Supply and use tables are available on Statistics New Zealand website.




Other Comments





Classification(s) used




Glossary of Terms

Variable NameDescription
Gross Domestic Product (GDP)The total market value of goods and services produced in New Zealand after deducting the cost of goods and services utilised in the process of production, but before deducting allowances for the consumption of fixed capital.
Gross National ExpenditureThe total final expenditure within a given period on goods and services by New Zealand residents (i.e. excluding goods and services used up during the process of production).
Gross National Product (GNP)The income accruing within a given period to New Zealand residents from their services in supplying factors of production in New Zealand and overseas, plus taxes on production and imports, and before the deduction of allowances for the consumption of fixed capital.
National IncomeThis aggregate is equivalent to gross national product after the deduction of allowances for consumption of fixed capital. It is a measure of income accruing to New Zealanders from supplying factors of production in New Zealand and overseas, plus taxes on production and imports.
National Disposable IncomeThe total income of New Zealand residents from all sources available for final consumption or saving, and after net payment of current transfers to the rest of the world..
Actual Individual ConsumptionThe value of consumption of goods and services acquired by households, whether by purchase in general, or by transfer from government or PNPSHs, and used by them for the satisfaction of their needs and wants; it is derived from their final consumption expenditure by adding the value of social transfers in kind. All services by PNPSHs are treated by convention as individual consumption (social transfers in kind).
Actual Collective ConsumptionThe value of the collective (as opposed to individual) consumption services provided to the community, or large sections of the community, by general government(central and local); it is derived from their final consumption expenditure by subtracting the value of social transfers in kind.
Adjustment for Change in Net Equity of Pension FundsHouseholds are treated [in the financial accounts and balance sheets of the NZSNA] as owning the reserves of private funded pension schemes. However the receipt of pension benefits is included as a component of household disposable income and conversely pension contributions are included as a charge against household disposable income. As a result an adjustment is necessary to ensure that the saving of households is the same as it would have been if pension contributions and benefits had not been recorded as components of current income.
Balance on the External Current AccountThe excess in the External Account of current receipts over current disbursements.
Change in InventoriesThis represents the change in the value of inventories of raw materials, work-in-progress, and finished goods, between the beginning and the end of the period. The change in inventories is measured in the appropriate prices in the market at the time additions and withdrawals are made. This principle of valuing additions to, and withdrawals from, stocks is consistent with the principles of valuing gross output and intermediate consumption.

The correct valuation of the change in inventories requires continually updated data on the quantities of individual commodities held in stock together with appropriate prices. As this data is rarely available, the usual practice is to revalue stocks at the end of the period in order to approximate as closely as possible the value of the physical change in stocks during a given period. The closest feasible approximation to the desired measure is taken to be the difference between the levels of stocks at the beginning and end of the period, both valued at the appropriate average prices ruling over the period. This is the basis of the inventory valuation adjustment. It involves making assumptions on stock turnover rates, stock accounting procedures (LIFO, FIFO, etc.) and stock valuation (direct cost, etc.).
Capital Transfers From The Rest Of The World, NetThe excess of capital transfers by non-residents to New Zealand residents over the value of similar transfers by residents to non-residents. Capital transfers are unrequited transfers in cash or in kind which are not considered by the recipient as adding to current income, nor by the donor as reducing current income. Examples are unilateral transfers of capital goods, legacies, investment grants, and transfers of migrants' funds. In the NZSNA it has only been possible to separately identify some of these flows since 1984/85, otherwise they have been included in current transfers to/from the rest of the world.
Compensation Of EmployeesPayments of salaries and wages whether in cash or in kind (such as fringe benefits) to employees. Includes contributions paid on employees' behalf to superannuation funds, private pension schemes, the Accident Compensation Corporation, casualty and life insurance schemes, etc.
Compensation Of Employees To/From The Rest Of The World
In principle, these items cover the compensation residents of one country earn from employment in another where, because their stay is for a period of less than 12 months, they are classed as non-resident. In practice, data available does not permit estimates of these items.
Consumption Of Fixed CapitalThis measures the decline in value of fixed assets used in production, as a result of physical deterioration and normal obsolesce. It is now valued at replacement cost.
Current Transfers From The Rest Of The World, NetThese items cover all current transfers other than investment income.
Entrepreneurial IncomeThe net current income of unincorporated businesses, plus salaries and wages paid to working proprietors of private (closely held) companies. In the case of the latter, these payments are regarded to be more in the nature of a proprietoral withdrawal than a wage payment. The unincorporated businesses are those owned and operated by households, either as a sole proprietorships or as partnerships.
Exports Of Goods And ServicesAll goods and services produced by New Zealand residents and purchased by the rest of the world. Exports of merchandise are valued free-on-board (f.o.b.).
Final Consumption Expenditure:1. Private Households - All outlays on consumer goods and services, including expenditure on durables such as motor vehicles and furniture and the imputed rent of owner-occupied dwellings. Households consist of New Zealand resident individuals and families and consumption expenditure relates to their outlays both within New Zealand and overseas.
2. General (Central and Local) Government Services and Private Non-Profit Services to Households - Total current expenditure by these producers less the value of any sales or own account capital formation (that is, the total net current costs incurred in providing the services).
Gross Fixed Capital Formation. The outlays of producers on durable fixed assets, such as buildings, motor vehicles, plant and machinery, hydro-electric construction, roading, and improvements to land. In measuring the outlays, sales of similar goods are deducted. Land is excluded from gross fixed capital formation. Included is the value of construction work done by a firm's own employees. The term "gross" indicates that consumption of fixed capital has not been deducted from the value of the outlays.
Gross Operating SurplusThis is a residual item, being gross output at producer's values less the sum of intermediate consumption, compensation of employees, and taxes on production and imports net of subsidies. It is approximately equal to accounting profit before the deduction of direct taxes, dividends, depreciation, interest paid and bad debts, and before the addition of interest and dividends received.
Imports Of Goods And ServicesAll goods and services produced by the rest of the world and purchased by New Zealand residents. Imports of merchandise are valued at value for duty (vfd).
Income TaxTaxes on incomes, profits and capital gains assessed on the actual or presumed incomes of individuals, households, non-profit organisations or corporations. In the Household Income and Outlay Account, this item relates to income tax paid by resident households. It is the cash amount received by the Inland Revenue Department during that year. No adjustments have been made to allow for timing differences with other items in the account.
Investment Income To/From The Rest Of The WorldInvestment income refers to income accruing to New Zealand residents from the provision of financial capital to non-residents or income accruing to non-residents from the provision of financial capital to New Zealand residents. It includes dividends, interest, reinvested earnings and other investment income.
Investment IncomeAs income it refers to transfers of income accruing to the owners of financial assets, intangible assets such as patents, copyrights and concessions and mineral rights. This income is mainly in the form of interest and dividends.

As outlays it refers to interest and dividends. In the household income and outlay account, interest paid is split between consumer debt interest and other interest. Consumer debt interest consists of interest paid on hire purchase, credit advances etc. Other interest relates to interest paid through home ownership, such as mortgage interest.

Investment income attributed to insurance/pension policyholders is the earnings of life insurance and pension funds, net of tax paid, which are imputed to households who, following the SNA guidelines, are considered to be the owners of the fund's assets. This imputed interest flow is then paid back to the insurance/pension fund as a supplementary contribution.
Net Lending To The Rest Of The WorldThe excess of New Zealand's net acquisition of financial assets over its net incurrence of liabilities, recorded in the National Capital Account.
Other Current TaxesConsist of various types of taxes, the most common are payments by householders to obtain certain licences.
Other Current TransfersThese include all transfers of income not specifically included in other categories of the household income and outlay account. The transfers are made from current income of households and add to the current income of recipients for such purposes as consumption or production expenditure, eg gifts, net casualty insurance premiums and insurance claims, fines and penalties etc.
Pension Fund Benefits and ContributionsPension funds are units established for the purposes of providing benefits on retirement for specific groups of employees; they have their own assets and liabilities, and they engage in financial transactions in the market on their own account; these funds are organised, and directed, by individual private or government employees, or jointly by individual employers and their employees. Pension fund benefits and contributions are payments between the fund and its members.
Purchases Of Non-Produced Non-Financial Assets From The Rest Of The World, NetIncludes purchase or sale of intangible, non-financial assets such as patents, copyrights, trademarks, franchises and licences; and the acquisition of land by a government or international organisation or the disposal of such land.
SavingThe residual item in both the national and household income and outlay accounts after all current income and expenditure have been accounted for.
Social Assistance BenefitsIn cash includes all cash benefits paid to individuals and households by public authorities, private non-profit organisations and private enterprises, eg unemployment benefits, national superannuation and education scholarships. In kind includes grants paid directly to providers of services on behalf of households, eg pharmaceutical benefits and free medical care for under six year olds.
Social Security Benefits and ContributionsThese consist of receipts from, and contributions to, the Accident Compensation Corporation (ACC) which is classified as a social security fund. Benefits in cash includes all cash benefits and lump sum payments paid to individuals and households by the ACC as income maintenance. Benefits in kind Includes benefits paid directly to providers of services on behalf of households by the ACC, eg vocational and social rehabilitation.
Statistical DiscrepancyIn the NZSNA, the items making up GDP and Expenditure on GDP are estimated independently, using diverse data sources. The combination of survey and other measurement and timing errors in the various components results in a difference between the estimates, known as the statistical discrepancy. The discrepancy is outside the GDP and expenditure on GDP calculations.

The statistical discrepancy has a counter entry in the National Capital Account.
Subsidies




Supply and Use balancing
Grants made by Government to market-oriented producers who regard the transfers as an addition to income from current production. These grants include payments to ensure a guaranteed price, or to enable market prices of goods and services to be held below the cost of production. Transfers made by local authorities out of rates receipts to finance the losses of their trading departments, and deliberately incurred losses of government trading organisations are also included.

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 have been estimated from quite different statistical sources. This data confrontation results in balanced gross domestic product 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.
Taxes on Production and ImportsTaxes which are assessed on producers in respect of the production, sale, purchase and use of goods and services, and which add to the market prices of those goods and services. Includes sales tax, local authority rates, import and excise duties and fringe benefits tax. In the consolidated accounts of the nation this figure includes goods and services tax.
Value AddedThe amount added to goods and services by the contributions of capital and labour (i.e. the value of output after the cost of bought-in materials and services has been deducted).




Contact Details

Customer Service
E-mail Contact:
info@stats.govt.nz
 
Survey Enquiries
E-mail Contact:
national.accounts@stats.govt.nz

Liability

Statistics New Zealand gives no warranty that the information or data supplied contains no errors. However, all care and diligence has been used in processing, analysing and extracting the information. Statistics New Zealand shall not be liable for any loss or damage suffered by the customer consequent upon the use directly, or indirectly, of the information supplied in this product.
top.
Contact Us   | Sitemap   | About this site   | Related sites   | Privacy   | Help