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Mnemonic Change: New Zealand - GDP(O) unallocated taxes
Tuesday, 25 Feb 2020 12:24 ET
By Phillip Thorne
Summary
February 2020 -- For the "unallocated taxes" item within the output approach to GDP for New Zealand, we have corrected the mnemonic and metadata (one quarterly series impacted).
Detail

Our pertinent national source, Statistics New Zealand, in its GDP(O) presentation reports a component called "unallocated", but it is not "ANZSIC06 industries not elsewhere classified" as we initially surmised. In a direct communication, the source clarified:

In addition to the industrial groupings there exists an "unallocated" category, which includes unallocated taxes on production and imports and bank service charge. Collectively, these duties and taxes are referred to as "unallocated taxes". 

In response, we have:

  1. Renamed the series from NACSGVANECAQ.INZL to NACSTLSAQ.INZL.
  2. For backwards compatibility, preserved the prior mnemonic as an alias.
  3. Changed the description metadata from "Gross value added - Unallocated industries" to "Unallocated taxes".

At the same time, we have:

  1. Refurbished the catalog to correctly show:
    • The additive relationship between GDP, GVA and TLS.
    • The hierarchy of ANZSIC06 industry aggregates and branches.

The series resides in the historical catalog at:

  • New Zealand » National Accounts » by Value Add » Quarterly » Chained prices

Please be aware that

In the output approach to GDP ("GDP(O)") as formulated by most countries, gross value added is summed over each industry, and the result is "at basic prices", or just "GVA". Addition of "taxes less subsidies" (or synonyms) transforms the result to "market prices", or just "GDP".

The term "imputed bank service charges" in UN SNA 1968 was changed to "financial intermediation services indirectly measured (FISIM)" in SNA 1993, and the calculation was modified in SNA 2008. Under SNA 1968 it was allocated to domestic industry as intermediate demand and, as such, did not affect GDP; but that treatment has subsequently changed. However, the methodology used by individual countries may differ from UN SNA.

Other
Related ReleaseGross domestic product
SourceStatistics New Zealand
FrequencyQuarterly
GeographyNew Zealand
Catalog
Upcoming
Release DateReference date
18 Jun 20201Q 2020