Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Further Reduction in BoP Deficit

Balance of Payments: September 2000 quarter

Further Reduction in BoP Deficit

The current account deficit for the September 2000 quarter was $2.1 billion, Government Statistician Brian Pink said today. After adjusting for seasonal factors, the current account deficit recorded its third consecutive quarterly decrease. This decrease was the result of a $105 million rise in the goods and services surplus combined with a $102 million fall in the income and current transfers deficit.

Goods exports rose at a faster rate than goods imports for the third consecutive quarter, causing the rise in the goods and services surplus. The New Zealand dollar depreciating against the currencies of our main trading partners and higher world prices for crude oil pushed up prices for both exports and imports of goods. Over the same period, the services balance has remained relatively flat.

The income deficit fell $84 million and the current transfers surplus rose $18 million, resulting in a decrease in the income and current transfers deficit. This is the second consecutive fall in the income deficit, driven by a decrease in returns that foreigners received from their investments in New Zealand.

The current account balance trend has now returned to the $1.0 billion to $1.5 billion deficit band that it occupied in the mid-1990s. The trend for the goods and services balance has remained in surplus in the September 2000 quarter and has returned to levels that it occupied in the mid-1990s. The decrease in the deficit for the income and current transfers balance trend over the latest two quarters has been driven by the investment income balance, while the current transfers balance remains relatively flat.

The current account deficit for the year ended September 2000 was $6,911 million. This compares with a $7,336 million deficit for the year ended June 2000 and a $4,927 million deficit for the year ended September 1999.


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news