Current Account Deficit Shrinks
June 19, 2013 New Zealand Finance
New information shows that the gap between imports and exports in New Zealand is closing.
On June 19th Statistics New Zealand released the Balance of Payments and International Investment Position report for the march quarter of this year, showing that the current account deficit fell by NZD 0.3 billion over the quarter.
The seasonally adjusted current account deficit for the March quarter was reported to be NZD 2.2 billion, while in the previous quarter it had reached NZD 2.5 billion.
The decrease in the current account deficit was mainly attributed to an increase in the export of dairy product, both in terms of value and volume.
The net exports also rose due to an increase in the amount of money spent in New Zealand by foreign tourists.
For the year ending March 2013 the current account deficit was NZD 10.1 billion, or approximately 4.8 percent of the national GDP.
Photo by sodaro,k