Economy reflected in current account deficit
Thursday, 23 September 2004, 1:18 pm
Press Release: New Zealand Government
Thu, 23 Sep 2004
Booming economy reflected in current
account deficit
Balance of payment figure widens current
account - reflects economic
growth.
---------------------------------
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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