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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