15-001-XIE Gross Domestic Product by Industry March 2001

Appendices

Appendix IV - A Note on Data Revisions for the Period 1994 to 2000

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Introduction

With the release of the July 2000 data, the monthly estimates of GDP by industry were revised for the current year and for the preceding six years. Revisions to 1994 and 1995 were intra-annual only, producing no change in the annual levels. Revisions for 1996 and subsequent years incorporate new annual information compiled by the Input-Output Division. The annual data presented in the Input-Output tables reflects a careful synthesis and reconciliation of both survey and census data from many different sources. It is often referred to as 'benchmark' data.

A comprehensive review of the annual relationships between benchmarks and projectors was also undertaken. The results of this review were incorporated in the projections of the annual levels of GDP in 1998 and the following years for industries where a significant relationship was found. The monthly estimates of GDP were step-adjusted so they would sum to these projected annual levels between 1998 and 1999 and to the benchmarks for 1994 to 1997. Subject to the annual adding up constraints, the step-adjustment process also minimised revisions to previously published month-to-month movements in GDP.

Revisions to Gross Domestic Product by Industry

The following tables provide a summary of revisions to a few special aggregates. Since the major reason for the revisions is to incorporate new annual information, we start by describing the revisions to annual levels and to annual growth rates. This provides a background within which revisions to the quarterly estimates can be discussed.

The revisions to total GDP are shown in the left part of Text Table 1. The total GDP level was virtually unchanged in 1995 and 1996. In 1997 the GDP level was revised down by 0.1%. However in 1998 and 1999 the GDP level was revised upwards by 0.1 and 0.3 respectively. One of the largest contributors to this upward revision was in the group of service producing industries.

Revisions to the annual growth rates are also shown in Text Table 1. The table shows that in 1995 and 1996 the growth rates of the total GDP were unchanged. The growth rate was revised down in 1997 by 0.1%. However, in 1998 and 1999 the growth rates were revised upwards 0.2%. These upward revisions were mainly due to the business sector of the service industries.

 

Text Table 1. Annual Revisions to Levels and Growth Rates, 1995-1999

	1995	1996	1997	1998	1999		1995	1996	1997	1998	1999
	Revisions to levels (%)						Revisions to growth rates (%)
All industries	0.0	0.0	-0.1	0.1	0.3		0.0	0.0	-0.1	0.2	0.2
Business sector industries	0.0	0.1	0.1	0.5	0.7		0.0	0.1	0.1	0.4	0.2
Business sector - goods	0.0	-0.2	-1.6	-1.6	-1.5		0.0	-0.2	-1.5	0.1	0.1
Business sector - services	0.0	0.3	1.3	1.9	2.1		0.0	0.3	1.1	0.5	0.3
Non-business sector industries	0.0	-0.5	-1.2	-1.5	-1.3		0.0	-0.5	-0.6	-0.3	0.2
Non-business sector - goods	0.0	-0.7	-0.5	0.3	2.0		0.0	-0.7	0.2	0.8	1.9
Non-business sector - services	0.0	-0.5	-1.2	-1.5	-1.3		0.0	-0.5	-0.7	-0.3	0.2
Goods producing industries	0.0	-0.2	-1.6	-1.6	-1.5		0.0	-0.2	-1.5	0.1	0.1
Services producing industries	0.0	0.0	0.7	1.0	1.2		0.0	0.0	0.6	0.3	0.3
Industrial production	0.0	-0.3	-1.4	-1.3	-1.4		0.0	-0.3	-1.1	0.0	-0.1
Durable manufacturing industries	0.0	-0.8	-0.9	-0.5	0.0		0.0	-0.8	-0.1	0.4	0.6
Non-durable manufacturing industries	0.0	-0.1	-2.0	-2.0	-2.5		0.0	-0.1	-2.1	0.0	-0.5

The revisions to the quarterly growth rates are presented in Text Table 2. Overall GDP growth rates were revised by 0.2% or less.

Text Table 2. Revisions to the Quarterly Growth Rate in GDP, 1994-2000

		I	II	III	IV
All industries	1994	0.0	0.0	0.1	0.0
	1995	-0.1	0.0	0.1	0.0
	1996	-0.1	0.0	0.0	0.1
	1997	-0.1	0.0	0.0	0.0
	1998	-0.1	0.1	0.2	0.1
	1999	0.0	0.0	0.1	0.0
	2000	0.1	0.0
Business sector industries	1994	0.0	0.1	0.0	0.0
	1995	-0.1	0.0	0.1	0.1
	1996	0.0	0.0	0.0	0.1
	1997	-0.1	0.0	0.0	0.1
	1998	0.0	0.1	0.2	0.2
	1999	-0.1	-0.1	0.1	0.1
	2000	0.1	0.0
Business sector - goods	1994	-0.2	0.1	0.1	-0.1
	1995	-0.1	0.0	0.1	0.1
	1996	-0.1	-0.1	-0.2	-0.3
	1997	-0.5	-0.5	-0.3	-0.2
	1998	0.0	0.3	0.4	0.2
	1999	-0.1	-0.1	-0.2	0.1
	2000	0.0	0.0
Business sector - services	1994	0.2	0.0	0.0	0.0
	1995	-0.1	0.0	0.1	0.0
	1996	0.0	0.1	0.2	0.4
	1997	0.2	0.4	0.2	0.3
	1998	0.0	0.0	0.1	0.2
	1999	-0.1	0.0	0.3	0.1
	2000	0.2	0.0
Non-business sector industries	1994	0.0	0.0	0.1	0.1
	1995	0.0	0.0	-0.1	-0.2
	1996	-0.2	-0.2	-0.1	-0.2
	1997	-0.3	-0.1	-0.1	-0.3
	1998	-0.1	0.0	0.1	-0.1
	1999	0.2	0.1	0.0	-0.2
	2000	0.1	0.2
Non-business sector - goods	1994	-0.9	0.9	1.6	-0.5
	1995	-0.4	-0.1	-0.3	-0.1
	1996	-0.5	0.2	1.5	0.1
	1997	-1.6	1.4	1.6	0.0
	1998	-1.7	0.7	1.1	-0.4
	1999	0.8	-0.7
	2000	0.3	1.0
Non-business sector - services	1994	0.0	0.0	0.0	0.1
	1995	0.0	0.0	-0.1	-0.2
	1996	-0.1	-0.2	-0.1	-0.2
	1997	-0.2	-0.1	-0.1	-0.3
	1998	0.0	0.0	0.1	-0.1
	1999	0.2	0.1	0.0	-0.2
	2000	0.1	0.2
Goods producing industries	1994	-0.2	0.1	0.2	-0.1
	1995	-0.1	-0.1	0.1	0.1
	1996	-0.1	-0.1	-0.2	-0.3
	1997	-0.5	-0.5	-0.3	-0.2
	1998	0.0	0.3	0.4	0.2
	1999	-0.1	-0.1	-0.2	0.0
	2000	0.0	0.0
Services producing industries	1994	0.1	0.0	0.0	0.0
	1995	0.0	0.0	0.0	0.0
	1996	-0.1	0.0	0.1	0.2
	1997	0.1	0.2	0.2	0.2
	1998	0.0	0.0	0.1	0.1
	1999	0.0	0.0	0.3	0.0
	2000	0.2	0.1
Industrial production	1994	-0.2	0.1	0.2	-0.1
	1995	0.0	-0.1	0.1	0.0
	1996	0.0	-0.2	-0.1	-0.3
	1997	-0.6	0.0	-0.1	-0.3
	1998	-0.1	0.3	0.4	0.1
	1999	-0.3	-0.1	-0.2	0.0
	2000	0.2	-0.1
Durable manufacturing industries	1994	-0.3	0.1	0.4	-0.1
	1995	0.0	-0.1	0.1	-0.4
	1996	-0.3	-0.3	0.1	-0.2
	1997	-0.4	0.4	0.4	-0.3
	1998	-0.3	0.6	0.4	0.1
	1999	0.2	0.2	-0.2	0.1
	2000	0.5	0.2
Non-durable manufacturing industries	1994	0.1	0.0	0.1	-0.1
	1995	0.0	0.0	0.0	0.2
	1996	0.1	-0.1	-0.4	-0.3
	1997	-0.8	-0.7	-0.5	-0.1
	1998	0.2	0.0	0.4	0.3
	1999	-0.8	0.1	-0.3	0.2
	2000	-0.2	-0.5

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