NZ current account deficit worsens
Sunday, 21 September 2008
WELLINGTON, Sept 20 (AFP): New Zealand's current account deficit worsened to 3.91 billion dollars (2.61 billion US) in the June quarter, largely as a result of rising import costs, particularly fuel, officials said today.
The annual deficit was 14.97 billion dollars, up from 14.21 billion for the year ended March.
Economists estimated the annual deficit at 8.3 per cent of gross domestic product, although the official figure will not be released for another week when GDP data is published.
The current account measures all of New Zealand's transactions with the rest of the world.
The increased deficit in the second quarter was "mainly caused by rises in petroleum and petroleum products and capital goods," Statistics New Zealand (SNZ) said.
The annual deficit was 14.97 billion dollars, up from 14.21 billion for the year ended March.
Economists estimated the annual deficit at 8.3 per cent of gross domestic product, although the official figure will not be released for another week when GDP data is published.
The current account measures all of New Zealand's transactions with the rest of the world.
The increased deficit in the second quarter was "mainly caused by rises in petroleum and petroleum products and capital goods," Statistics New Zealand (SNZ) said.