Download Rachael Milicich Manager National Accounts Jude Hughes Manager Macroeconomic Statistics Development

Successfully Measuring NZ’s Economic Performance
Rachael Milicich
Manager National Accounts
Jude Hughes
Manager Macroeconomic Statistics Development
Increasing Complexity
20/06/2011
2
System of National Accounts
20/06/2011
3
Increasingly Complexity
Environment
Society
Economy
20/06/2011
4
The Business of Statistics
Cost
Time
Quality
Delivery
20/06/2011
Investment
Maintenance
Depreciation
Sustainability
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Where are we now?
1991 Review of Macroeconomic Statistics
• Delivered Priority One developments
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20/06/2011
QGDE in current prices and IPDs
Public sector accounts
Sector accounts (Income and Outlay, Capital)
Productivity statistics
Nominal GDP by industry
Quality of constant price accounts
Bank service charge
Quarterly BoP FA and IIP
H/hold Income and Outlay backdating
Employment Cost Index
6
Where are we now?
1991 Review of Macroeconomic Statistics
• Delivered most Priority Two developments
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20/06/2011
Real GDP by industry annually
Trade price indexes
QGDP in $ values
Backdating the Stock Valuation Adjustment
Regional GDP study (4)
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Where are we now?
1991 Review of Macroeconomic Statistics
• Outstanding Priority 2, 3 and 4
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20/06/2011
Sector accounts Financial Accounts and Balance Sheets (2)
Annual Input / Output studies (2)
Gross output indexes from QGDP (2)
Backdating QGDE to 1977(2)
Quarterly National Disposable Income (3)
Quarterly Sector accounts (4)
Inter-industry in constant prices (4)
Backdate QGDE to 1971 (4)
Regional accounts and input/output studies (4)
Real National Disposable Income (4)
8
Where are we now?
Relative to other countries
• Most OECD countries are implementing new
international standards for industry and the
SNA/BPM on a similar timetable to New Zealand
• Quality of New Zealand’s macroeconomic suite is
considered fit for purpose relative to other OECD
countries
• Regularly invited to contribute and lead work
internationally
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20/06/2011
ESCAP economic statistics framework
Range of UN and OECD Taskforces
Hosts of the Ottawa Group on CPIs
Training and support in the Pacific
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Our Strategy
Sustainability
• Maintenance
• Investment
Agility
• Technology
• Knowledge
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What are we funded for?
Funded
• Ongoing maintenance of our current suite
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Backdating
Rebasing
New international standards
Improving data sources
New and emerging issues
Not currently funded
• Expansion of the current suite
– Quarterly income measure
– Quarterly sector accounts and GFS
– Annual Financial Accounts and Balance Sheets
20/06/2011
11
Road Map Ahead
Integrated SNA
2012 to 2016
Expansion of
the core SNA
2016 to 2020
Foundations
2011 to 2012
20/06/2011
12
Productivity
GDP Per
capita
Labour
Utilisation
20/06/2011
Labour
Productivity
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20/06/2011
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