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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 current account deficit in the year to Q1 narrowed slightly to 6.8% of GDP from 6.9%, as expected. The seasonally adjusted deficit in the quarter widened $0.3bn to $7.29bn. The deficit remains elevated but has moderated 2pp from its Q4 2022 high, but a lot more improvement is needed to return to the pre-Covid ratio.
- The widening in the deficit was driven by the goods and services deficit which rose to $4.0bn from $3.3bn. Services exports fell 12.5% q/q, due to lower spending from overseas visitors, to be up only 4.1% y/y. Goods exports rose 5.7% q/q to be 2.6% y/y higher, driven by dairy, fruit and timber.
- The primary income deficit narrowed $0.5bn to $3.0bn. This component has been in deficit since Q4 2020.
- The Q1 net international investment liability position improved to 48.7% of GDP after 52% at the end of Q4. The improvement was due to stronger equity markets and a weaker kiwi dollar, according to Statistics NZ.
NZ current account/GDP % year ended
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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