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


Balance of Payments still volatile

18 June 1999

Balance of Payments - March 1999 quarter

The March 1999 quarter current account deficit was $894 million, said Government Statistician Len Cook.

The latest trend estimate of the current account balance deteriorated slightly in the March 1999 quarter but has continued to fluctuate around the $1,500 million deficit level since the March 1997 quarter. The current account balance trend estimate has not recovered from the long-term deterioration evident since the June 1993 quarter.

In seasonally adjusted terms the current account deficit showed a $523 million deterioration between the December 1998 and March 1999 quarters. The deterioration is the result of a $281 million deterioration in the seasonally adjusted invisibles deficit and a $242 million deterioration in the seasonally adjusted merchandise trade surplus.

A $116 million fall in the returns New Zealand enterprises receive on their overseas investments and a $153 million decrease in seasonally adjusted exports between the December 1998 and March 1999 quarters reflects difficult conditions New Zealand enterprises are facing overseas. Low world commodity prices, and changes in New Zealand's exchange rates compared with our major trading partners, have adversely affected returns.

A $112 million increase in returns to overseas investors on their New Zealand investments, an $89 million rise in seasonally adjusted imports and a $192 million improvement in seasonally adjusted travel receipts between the December 1998 and the March 1999 quarters suggests that stronger domestic activity is driving these components.

The March 1999 year ended current account deficit was $6,374 million. This compares with a deficit of $5,970 million in the December 1998 year and a deficit of $6,488 million in the March 1998 year.

Len Cook


© Scoop Media

Business Headlines | Sci-Tech Headlines


Wainui: Major Infrastructure Partnership For North Auckland

Minister of Housing and Urban Development Phil Twyford and Auckland Mayor Phil Goff today announced a partnership that will fund $91 million of roading and wastewater infrastructure to support the building of 9000 homes... More>>


NZ's Space Programme: Rocket Lab Reaches Orbit Again

Rocket Lab has continued the success of its 2018 orbital launch program with the launch of seven payloads to orbit. The mission marks Rocket Lab’s second successful orbital launch and deployment of customer satellites. More>>


Supreme Court: Labelling Swamp Kauri Slab A Tabletop Doesn't Make It One

New Zealand's highest court has ruled that exporting slabs of swamp kauri as "tabletops" or swamp kauri logs as "totem or temple poles" is illegal under the Forests Act. More>>


Starting Ending Offshore Drilling: Green Party Celebrate Passing Of Oil And Gas Bill

“This Bill is an essential first step in winding down offshore exploration for new sources of fossil fuels. We are in Government together to do this work, to create the change our people and our planet need to flourish." More>>


Reserve Bank: Official Cash Rate Unchanged

The Official Cash Rate (OCR) remains at 1.75 percent. We expect to keep the OCR at this level through 2019 and into 2020. More>>