Source: MIL-OSI Submissions
Gross domestic product: June 2021 quarter – corrected
Kia ora koutou
We wish to inform you that we have identified and corrected an error in Gross domestic product: June 2021 quarter. There is no impact on headline quarterly GDP (production measure of GDP), which remains at an increase of 2.8 percent for the June 2021 quarter.
This error primarily affects estimates for the latest quarter (June 2021 quarter) and impacts on the total and some components of Expenditure on GDP. It was caused by some data being missed in the compilation of central government expenditure. This missing data relates to measuring intermediate consumption by government, and also spending related to Managed Isolation and Quarantine (MIQ). In light of this correction, we have also reviewed our estimates of the change in inventories and have revised this downwards.
As a result, expenditure on GDP (in real terms) was reported to have grown 2.6 percent in the June 2021 quarter while the correct figure was 2.7 percent. The headline measure of GDP (in real terms) remains unchanged at an increase of 2.8 percent in the June 2021 quarter. Expenditure on GDP (in nominal terms) was reported to have grown 4.6 percent in the June 2021 quarter, while the correct figure was 4.3 percent.
Variables that have changed as a result of making this correction are as follows:
Lower-level components:
- Central government expenditure
- Change in inventories
Higher-level series:
- General government expenditure
- Gross capital formation (which includes change in inventories)
- Gross national expenditure
- Expenditure on GDP (GDE)
- GDE per capita
- Implicit price deflators (IPDS) for general government expenditure and GDE
For further information about the correction please see Corrections made to Expenditure on gross domestic product.
Stats NZ is transparent and open about errors and corrects these as soon as possible. We will review our current processes to help prevent similar errors happening in the future.
We regret this error and apologise for any inconvenience caused.
Please contact us should you have any queries.
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