Thu, 23 Sep 2004

Booming economy reflected in current account deficit

Balance of payment figure widens current account - reflects economic growth.

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While today's balance of payment figure shows a widening current account deficit, Finance Minister Michael Cullen said this reflected growth in the economy.

The balance of payments figures released today show a deficit of 4.6 percent of GDP.

"A close look at the figures shows profits for foreign owned companies here have increased on the back of a booming economy and I am pleased to note these profits have been reinvested here to help the economy keep growing," Dr Cullen said.

"The New Zealand Superannuation Fund is helping to reduce the deficit. Over time the Government's commitment to improving savings levels will assist to balance out the effect of foreign profits earned here," he 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>>