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Pagegate
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Table One - based on New Zealand Income Survey: June 2011 quarter
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New Zealand Data:
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Annual - June 2011
(Quarterly data multiplied by 4)
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Annual - June 2011 per capita
(Quarterly data multiplied by 4)
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Our Expenditure on Gross Domestic Product in current prices
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$203,496,000,000
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$46,201
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Income for all people from all sources
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$127,914,000,000
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$29,045
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The Shortfall between available income and total prices
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$75,582,000,000
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$17,162
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Hover the mouse over the graphs to see more detailed info
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The graph below shows The shortfall between available income and total prices - Data Sources
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Below - Per Capita Shortfall between available Income and Prices - Data Sources
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Data Table:
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For more information about GDP and the national accounts, go to the GDP landing page on the Statistics NZ website (www.stats.govt.nz).
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COMMENTS
THE Shortfall BETWEEN GDP AND PURCHASING POWER:
The $203.496 billion GDP minus $127.914 billion of purchasing power from incomes equals $75.582 billion. From an orthodox point of view this shows us, quite simply, that we do not earn enough income to buy what we produce. If we look at this situation from a different standpoint we could explain that the New Zealand economy is currently the most productive it has been in its history. We have used the skills, technology and accumulated knowledge developed over decades to produce a surplus of goods to purchase.
Since we have produced our GDP with such low labour costs, $75.582 billion of surplus goods should be seen as our New Zealand (Citizens) dividend - but no it is seen as a shortfall because it still appears in prices.
It is a given that the entire $203.496 billion worth of goods and services need to be paid for. This is currently achieved by you the consumer spending the $127.914 billion of income purchasing power and by supplementing it with debt. You must borrow to be able to purchase the $75.582 shortfall between GDP and income purchasing power. This is one of the processes which causes our nation’s debt levels to increase year by year.
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