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Annual Current Account Deficit Widens To $29.7 Billion
The annual current account deficit was $29.7 billion
(7.9 percent of gross domestic product (GDP)) in the year
ended 30 September 2022, $13.3 billion wider than in the
year ended 30 September 2021, Stats NZ said today.
The largest annual current account deficit prior to the COVID pandemic was $14.7 billion in the December 2008 year during the global financial crisis (7.8 percent of GDP).
“A current account deficit reflects that we are spending more than we are earning overseas. The size of the current account balance in relation to GDP shows its significance in the context of New Zealand’s overall economy,” institutional sectors senior manager Paul Pascoe said.
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- Annual current account deficit widens to $29.7 billion
- Balance of payments and international investment position: September 2022 quarter
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