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

 


Drought contributes to larger current account deficit

Drought contributes to larger current account deficit

18 September 2013

New Zealand's seasonally adjusted current account deficit was $2.2 billion in the June 2013 quarter, Statistics New Zealand said today. A fall in exports of goods increased the deficit in the current account by $0.1 billion.

A current account deficit means that New Zealand is spending more than it is earning from the rest of the world.

"This quarter we earned less from our dairy exports, due to the dry weather affecting production earlier in the year," balance of payments manager Jason Attewell said.

For the year ended June 2013, New Zealand's current account deficit narrowed to $9.1 billion (4.3 percent of GDP). The smaller deficit than for the March 2013 year (when it was 4.5 percent of GDP) was due to a fall in profit earned by foreign-owned companies in New Zealand.

International investment position stays flat

At 30 June 2013, New Zealand's net international liability position was $151.3 billion (71.1 percent of GDP), compared with a revised figure of $151.6 billion at 31 March 2013.

New Zealand's international investment position shows the difference between the value of New Zealand's investments abroad and the value of foreign investments in New Zealand. "While New Zealand's net international investment position remained flat over the June quarter, within that, government debt to the rest of the world fell," Mr. Attewell said.

Net government debt to the rest of the world fell by $4.5 billion, down to $7.8 billion (3.7 percent of GDP) at 30 June 2013.

The net international liability position includes outstanding overseas reinsurance claims (as New Zealand's assets) from the Canterbury earthquakes. At 30 June 2013, a total of $10.5 billion of these claims had been settled with overseas reinsurers, leaving $8.1 billion of claims outstanding.

For more information about these statistics: Visit Balance of Payments and International Investment Position: June 2013 quarter

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news