"Strong goods exports and inbound tourism are driving a steady and continuing amelioration in the balance of payments position," Finance Minister Michael Cullen said today.

Dr Cullen was commenting on the $95 million surplus in the March quarter.

"This represents an $804 million improvement on the same period last year and continues an improving trend which has now been evident over five consecutive quarters.

"Although the annual figure remains in deficit, it has strengthened by over $2 billion over the year ended March 2000 and is now at 5 percent of gross domestic product.

"This is in line with the Treasury's budget forecasts which are for the deficit to fall to 3.5 per cent of GDP by 2005," Dr Cullen said.

Ends

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Gordon Campbell: On the Sony cyber attack

Given the layers of meta-irony involved, the saga of the Sony cyber attack seemed at the outset more like a snarky European art film than a popcorn entry at the multiplex.

Yet now with (a) President Barack Obama weighing in on the side of artistic freedom and calling for the US to make a ‘proportionate response’quickly followed by (b) North Korea’s entire Internet service going down, and with both these events being followed by (c) Sony deciding to backtrack and release The Interview film that had made it a target for the dastardly North Koreans in the first place, then ay caramba…the whole world will now be watching how this affair pans out. More>>