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NZ turns to current account deficit in second quarter

NZ turns to current account deficit in second quarter, annual gap at 3.5% of GDP after revisions

By Jonathan Underhill

Sept. 16 (BusinessDesk) – New Zealand turned to a current-account deficit in the second quarter as the country earned less from the export of travel services, such as tourist spending, while revisions to the annual measure reduced the gap as a percentage of gross domestic product.

The current-account deficit was $1.2 billion in the three months ended June 30, from a revised surplus of $821 million a year earlier, Statistics New Zealand said. The annual deficit was $8.3 billion, or 3.5 percent of GDP, from a revised gap of $8.06 billion, or 3.4 percent, three months earlier.

The deficit means the nation is spending more than it earns. The balance on goods was a reduced surplus of $679 million in the latest quarter, from a revised $845 million a year earlier as goods exports widened to $12.7 billion and goods imports rose to $12.01 billion.

The surplus on services narrowed to $488 million from $2.23 billion three months earlier, as exports of travel services fell to $2.76 billion from $4.15 billion.

The income balance was unchanged at $2.2 billion.

(BusinessDesk)

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