27 June 2002

Finance Minister Michael Cullen welcomed the latest current account figures showing the lowest annual deficit as a proportion of GDP since June, 1989 or for 13 years.

He was responding to the March balance of payments showing a deficit for the March year of $2.67 million, or 2.2 percent of GDP, and a seasonally adjusted deficit for the quarter of $466 million.

“Both results are strong by the standards of recent New Zealand history and are significantly stronger than the markets were expecting,” Dr Cullen said.

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