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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 5 Where are we now? 1991 Review of Macroeconomic Statistics • Delivered Priority One developments – – – – – – – – – – 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 – – – – – 20/06/2011 Real GDP by industry annually Trade price indexes QGDP in $ values Backdating the Stock Valuation Adjustment Regional GDP study (4) 7 Where are we now? 1991 Review of Macroeconomic Statistics • Outstanding Priority 2, 3 and 4 – – – – – – – – – – 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 – – – – 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 9 Our Strategy Sustainability • Maintenance • Investment Agility • Technology • Knowledge 20/06/2011 10 What are we funded for? Funded • Ongoing maintenance of our current suite – – – – – 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 13 20/06/2011 14