New requirement takes effect later this month
Starting from March 21, New Zealand’s gross domestic product (GDP) reporting will officially include the quarterly gross domestic product (income) (GDPI) series, Stats NZ has announced.
Expanded GDP components
The GDP will be expanded to encompass a total economy measure, incorporating:
- GDP (income) (GDPI)
- compensation of employees
- gross operating surplus and gross mixed income
- taxes on production and imports
- subsidies
The integration follows a period of experimental GDPI measures being published since March 2021, facilitating user feedback and ensuring the robustness of these statistics.
Development and feedback process
Jason Attewell (pictured above), general manager for economic and environmental insights at Stats NZ, said extensive development work and customer feedback have been instrumental in elevating GDPI to official status.
“This work, which started nearly a decade ago, is now complete, and GDP income will be added to the gross domestic product release from 21 March 2024, and published alongside our existing GDP production and expenditure measures,” Attewell said in a media release.
“The addition of GDP income to the official suite will provide our customers with a timely and comprehensive view of the economy.”
Comprehensive economic overview
The addition of the GDPI series to the GDP release is intended to provide a timely and all-encompassing perspective of the New Zealand economy.
With three measures of GDP – production, expenditure, and now income – Stats NZ aims to offer a conceptually aligned and detailed economic analysis. Notably, while the production measure remains the headline for economic activity and is adjusted for inflation, all GDPI series are nominal and available in both actual and seasonally adjusted terms from June 2011 onwards.
For further details on the quarterly income measure of GDP and its implications, see About the quarterly income measure of GDP.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
