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

 


Current account deficit falls again

Current account deficit falls again

18 June 2014

New Zealand's seasonally adjusted current account balance was a deficit of $0.6 billion in the March 2014 quarter, Statistics New Zealand said today. This is $0.3 billion smaller than the December 2013 quarter deficit.

An increase in the value of goods exports, combined with higher spending by overseas visitors to New Zealand contributed to the fall in the current account deficit this quarter.

"The smaller deficit follows last quarter's $1.6 billion fall, making this the smallest current account deficit since 2010," international statistics manager Jason Attewell said.

Unadjusted current account balance in surplus

Before removing seasonal effects, the current account balance was a surplus of $1.4 billion – the largest actual current account surplus ever recorded. This represents a $1.3 billion increase from the March 2013 quarter surplus, mainly driven by increased dairy product exports.

"New Zealand is most likely to record a current account surplus in March quarters, when we have more overseas visitors coming to New Zealand," Mr Attewell said.

A current account surplus means New Zealand's earnings from the rest of the world exceeded our overseas expenditure. As a result, we had $1.3 billion of net outward investment from New Zealand this quarter, mostly due to the Reserve Bank of New Zealand increasing its foreign exchange assets.

New Zealand's annual current account was a deficit of $6.3 billion (2.8 percent of GDP) for the year ended March 2014. This compares with a deficit of $7.6 billion (3.4 percent of GDP) for the year ended December 2013, and is also $2.0 billion smaller than the deficit for the year ended March 2013, when it was 3.9 percent of GDP.

New Zealand's net international liability position, which measures the value of our overseas assets less our overseas liabilities, was $148.0 billion (65.3 percent of GDP) at 31 March 2014. The net liability position increased $1.1 billion from 31 December 2013 (when it was 66.4 percent of GDP) due to valuation changes increasing the value of our overseas liabilities.

For more information about these statistics:
• Visit Balance of Payments and International Investment Position: March 2014 quarter

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news