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

 


Current Account Deficit $2,302 Million


Current Account Deficit $2,302 Million

The current account deficit stands at $2,302 million for the September 2002 quarter, according to Statistics New Zealand. A deficit balance on the current account means New Zealand's total receipts from international trading and earnings from international investments fall short of total payments to foreigners. After adjusting for seasonal variations in the pattern of exporting and importing, the deficit is $477 million higher than the June quarter deficit, continuing a pattern of increasing deficits since the March 2002 quarter.

The main factors driving the increase in the September quarter deficit were:

lower export receipts due to falling prices for primary products, and higher import payments due to increased merchandise import volumes, which have more than offset falling merchandise import prices.

For the year ended September 2002, the current account deficit of $3,729 million was 3.0 percent of GDP, unchanged compared with year ended September 2001.

Overall, the international investment position (the nation's balance sheet with the rest of the world) shows a rising gap between the value of New Zealand investments abroad and overseas investment in New Zealand. This is mainly due to falls in the value of investments held by New Zealand fund managers in overseas share markets. Our 'net debtor' position has increased from $97.9 billion at 30 June 2002 to $99.6 billion at 30 September 2002.

Brian Pink

Government Statistician


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

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>>

ALSO:

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>>

Earlier:

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>>

ALSO:

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>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news