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NEW ZEALAND: Current Account Improvement Stalls As Imports Rise

NEW ZEALAND
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The Q2 current deficit was wider than expected at $4.83bn after a downwardly-revised $3.83bn in Q3. This resulted in the YTD holding steady at 6.7% of GDP, which remains elevated and suggests that the improvement begun over a year ago has stalled. There was a widening of the goods and primary income deficits, while services narrowed.

  • The goods deficit widened by $110mn to $2.6bn driven by stronger imports of transport equipment, especially aircraft. The services deficit narrowed $28mn to $0.5bn.
  • The primary income deficit widened by $291mn to $3.8bn in Q2, as NZ continued to issue bonds to overseas investors.
  • There was a net inflow from overseas to the financial account of $3.8bn.

NZ YTD current account % GDP

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The Q2 current deficit was wider than expected at $4.83bn after a downwardly-revised $3.83bn in Q3. This resulted in the YTD holding steady at 6.7% of GDP, which remains elevated and suggests that the improvement begun over a year ago has stalled. There was a widening of the goods and primary income deficits, while services narrowed.

  • The goods deficit widened by $110mn to $2.6bn driven by stronger imports of transport equipment, especially aircraft. The services deficit narrowed $28mn to $0.5bn.
  • The primary income deficit widened by $291mn to $3.8bn in Q2, as NZ continued to issue bonds to overseas investors.
  • There was a net inflow from overseas to the financial account of $3.8bn.

NZ YTD current account % GDP

Keep reading...Show less