This page explains the revisions to the data sources and methods that will be included in the balance of payments and national accounts releases for 2024.
We make revisions annually, in line with international best practice, to ensure the statistics continue to reflect our changing world. Revisions fall into three broad categories:
- new or updated information becoming available
- new or updated annual benchmarks
- conceptual or methodology changes.
These revisions will appear in the following upcoming releases:
- Balance of payments and international investment position: June 2024 quarter - release date 18 September 2024
- Balance of payments and international investment position: Year ended 31 March 2024 - release date 27 September 2024
- Gross domestic product: June 2024 quarter - release date 19 September 2024
- National accounts (income and expenditure): Year ended March 2024 - release date 15 November 2024
- National accounts (industry production and investment): Year ended March 2024 - release date 15 November 2024.
The above releases will also include data on goods and services from International trade: June 2024 quarter (published on 3 September 2024).
International trade: June 2024 quarter - data sources and methods has more information about these data updates.
Insurance services and current transfers
We have revised insurance services and current transfers back to the March 2021 quarter.
We have received updated data from New Zealand insurers for insurance premiums with overseas reinsurers. A reinsurer is an insurance company that insures the risk of other insurance companies.
These premiums relate to the:
- insurance services received, recorded in the services imports series of the current account
- risk element of insurance premiums recorded as an outflow in the current transfers and secondary income series of the current account.
Capital transfers
We have revised capital transfers back to the March 2023 quarter.
We have received updated data from New Zealand insurers for insurance claims with overseas reinsurers, specifically for damage from the 2023 Auckland Flooding and Cyclone Gabrielle.
These relate to updated claims from overseas reinsurers recorded as an inflow to the capital account.
Investment income updates reflecting tax returns
We have updated investment income estimates back to the June 2022 quarter, derived from Inland Revenue (IR) data, to reflect the latest income tax returns. Each June quarter, we use this IR data to supplement survey data and improve coverage. We classify all IR data to 'other investment income' in the primary income account, as we cannot distinguish between the different types of income that make up this estimate. This data update affects both primary income inflows and outflows.
Personal transfers
Personal transfers include remittances sent overseas by NZ residents to family or friends living abroad, or foreigners sending remittances to NZ-resident family or friends.
We revised personal transfers back to the September 2021 quarter. Revisions result mainly from updates in the migration data and corrections to model calculations. These revisions affect the current account, secondary income, and personal transfers series.
Migrant transfers
We revised migrant transfers data back to the December 2022 quarter. The migrant transfers model includes many inputs, which we revise where appropriate. This data update is mainly based on the updated migration data published by Stats NZ.
The most significant update is a downward revision to migrant transfer outflows. This mainly reflects a downward revision to the number of migrant departures and the proportion of migrant departures from older age groups. The revision also includes the effect of correcting a model calculation, although this is a less significant factor than the population data updates.
The following series are affected:
- international investment position (IIP), other investment
- IIP, reconciliation, other changes
- financial account, other investment.
Compensation of employees
We measure the income earned by non-residents temporarily in New Zealand. We have revised compensation of employees' debits data back to the June 2021 quarter using updated IR data.
This will affect the current account, primary income series.
Reserve Bank of New Zealand (RBNZ) Managed Funds Survey
We have revised data back to the March 2020 quarter for the RBNZ quarterly Managed Funds Survey. These revisions affect the financial account, portfolio assets.
RBNZ data sources on debt securities
We have revised data back to the September 2015 quarter.
The following series are affected:
- financial account, portfolio investment liabilities
- international investment position, debt liabilities
- current account, primary income outflow.
Quarterly International Investment Survey (QIIS) updates
We have revised data back to the September 2017 quarter from QIIS.
The main updates reflect updated respondent data.
The following series are affected:
- international investment position, portfolio investment
- current account, primary income
- financial account, portfolio investment.
Local Government Funding Authority
We have reclassified data from the government sector into other sectors.
The following series is affected:
- New Zealand's international non-equity financial instrument liabilities.
International visitor levy
We have updated the international visitor levy (IVL) data back to the September 2023 quarter. IVL is a levy charged to most international visitors to New Zealand, where the proceeds are invested into tourism and conservation projects.
IVL is recorded as an inflow to the current account, secondary income, and general government taxes on income and wealth.
International visitor levy has more information about the IVL.
Seasonal adjustment
COVID-19 disrupted seasonal patterns of economic activity, and Stats NZ adopted measures to manage this, including using additive outlier treatment.
Seasonal adjustment and additive outliers during COVID-19 provides more detail about the challenges posed by the disruptions and how we minimised the effects.
We have now seen more stable seasonal patterns return. For Balance of payments and international investment position: June 2024 quarter, we have removed additive outlier treatment for all seasonally adjusted series from the September 2022 quarter onwards. This includes:
- services exports
- travel services exports
- travel services imports
- transport services exports.
Other revisions to the national accounts in November and December
Other revisions will be published in the following national accounts releases on 15 November 2024:
- National accounts (income and expenditure): Year ended March 2024
- National accounts (industry production and investment): Year ended March 2023.
We will publish more information on our website before the November 2024 releases, describing how the revisions will affect key measures, including current-price gross domestic product (GDP).
We will show how these changes and other methodological improvements affect the September 2024 quarter GDP, to be published on 19 December 2024. The release will also include revisions from our regular incorporation of annual benchmarks.
Enquiries
Gareesh Madhas
04 931 4600
[email protected]
ISBN 978-1-991307-16-3
