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


Current Account Deficit Widens Further

Current Account Deficit Widens Further

The Balance of Payments current account deficit widened further to record a seasonally adjusted increase of $274 million in the September 2003 quarter, according to Statistics New Zealand. The deficit represents the difference between New Zealand's total overseas earnings and payments during the quarter. Falling values of services exports, combined with increasing values of services imports, were the main contributors to the widening deficit this quarter. Lower income from royalties and lower tourism receipts were the main contributors to the fall in exports of services. While the number of overseas visitors was up this quarter, the number of days they spent in New Zealand fell.

The increase in services imports was driven by volumes in the September 2003 quarter with increases in expenditure on overseas travel and transport services by New Zealanders. These increases reflected greater numbers of New Zealanders travelling overseas and taking longer trips than those that travelled in the June 2003 quarter.

The current account balance for the year ended September 2003 was a deficit of $6,004 million, which compares with the September 2002 deficit of $4,398 million.

New Zealand's net debtor position increased by $4.0 billion (4.0 percent) to $102.1 billion (New Zealand's international investment liabilities were greater than its international investment assets) between 30 June 2003 and 30 September 2003. The key features were a $6.5 billion net inflow of capital to New Zealand, partly offset by a $1.7 billion fall in financial derivative net liability positions, and a $0.8 billion fall in net liabilities arising from changes in the value of assets and liabilities.

Brian Pink

Government Statistician

© Scoop Media

Business Headlines | Sci-Tech Headlines


NZ's Space Programme: Rocket Lab Launches NASA Satellites

On Sunday, December 16, 2018 UTC, Rocket Lab’s Electron launch vehicle successfully lifted off from Rocket Lab Launch Complex 1 on New Zealand’s Māhia Peninsula. More>>


Conservation Plan: Celebrity Kiwi Released Into The Wild

One of the nation's most famous kiwi was among four released onto Taranaki Maunga... Atara, a five-year-old male, hatched while David Attenborough's cameras were rolling. More>>


Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>


Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>