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GDP Plus: An Economic Activity Indicator for New Zealand

Michael Callaghan, Thomas van Florenstein Mulder

Non-technical summary

In order to gauge economic activity in New Zealand the Reserve Bank uses GDP data, which are subject to measurement error and revisions over time. In this paper we develop an economic activity indicator that combines information from production GDP, expenditure GDP, and employment data. This new measure is smoother and less vulnerable to revisions over time.