Friday 15th December 2000
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Annual per cent change
September quarter growth set to rise
NZIER expects September quarter gross domestic product to rise about 0.9% on a seasonally adjusted basis. The rebound in GDP from a weak June quarter will be underpinned by strong growth in agriculture. Dairy and meat production have reaped the benefits of favourable weather conditions.
Growth in other sectors of the economy is expected to be more subdued. This reflects weaker domestic demand conditions.
National accounting in a nutshell
The mention of national accounting is usually enough to generate a yawn among most people but the importance of the country's national accounts cannot be overlooked. National accounts are essentially accounts that measure aggregate economic activity or GDP. Because of the complexity in measuring activity, official GDP figures are often released around two months following the quarter of interest.
National accounts are computed using a range of surveys and censuses carried out regularly by Statistics New Zealand. The accounts are compiled in line with guidelines outlined by the UN. These guidelines establish a standard national framework and are referred to as the System of National Accounts (SNA). The SNA framework makes national accounts comparable between countries.
GDP can be measured using three methods:
Theoretically, all three measures of GDP should produce the same final GDP figure. However, this is not generally the case as measurement problems can result in discrepancies.
History left unchanged
In late November, Statistics New Zealand released revised figures for GDP calculated using the production method (series using the expenditure method are due out soon). The upgraded figures include a number of changes. The main changes are:
The revisions have not had a significant impact on overall GDP growth (see chart), and history has remained relatively unchanged. However, differences have occurred at a detailed level, including the industry level.
- Compiled by Lisa Yee
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