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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NEW ZEALAND
The Q2 NZ current account deficit narrowed more than expected to $4.2bn from a downwardly revised $4.7bn. Seasonally adjusted it narrowed $1bn to $6.6bn, due to a better trade deficit. This resulted in the ratio to GDP falling to 7.5% from 8.2% in Q1. This brings it on track to meet the RBNZ’s revised forecast of 6.8% for Q1 2024. Q4 2022 looks to have been the peak at 8.8% of GDP, one of the worst in the OECD.
- Q2 saw a 4.5% q/q rise in exports of goods & services bringing the annual rate to +10.5% y/y, whereas imports fell 3.1% q/q to be up only 0.9% y/y. Both goods and services exports rose over 4% on the quarter driven by dairy products and tourism, which should be a positive for Q2 GDP released on Thursday.
- The primary income deficit widened by $1.3bn to $11.6bn due to higher interest rates, according to Stats NZ
NZ current account deficit % GDP
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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