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Annual Current Account Deficit $27.8 Billion
New Zealand’s annual current account deficit was $27.8 billion (6.9 percent of gross domestic product (GDP)) in the year ended 31 December 2023, according to figures released by Stats NZ today.
The deficit was $5.6 billion narrower than the $33.4 billion deficit in the year ended 31 December 2022 (8.8 percent of GDP).
In the year ended 30 September 2023, the annual current account deficit was $29.8 billion (7.4 percent of GDP).
A current account deficit indicates that New Zealand is spending more than it is 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.
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- Annual current account deficit $27.8 billion
- Balance of payments and international investment position: December 2023 quarter
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