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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 held steady at 7.6% of GDP in the year to Q3. It is down from the 8.8% peak in Q4 2022 but still remains one of the highest in the OECD. The deficit has narrowed $0.6bn over the last year due to the lower services deficit offsetting the widening of the goods and primary income deficits.
- Services exports continue to recover rising 9.8% q/q to be up 21.5% y/y in Q3 driven by a 690k increase in tourist numbers. They are still below pre-pandemic levels though and so the recovery has further to go. Services imports rose 0.6% q/q and 3.3% y/y.
- Merchandise imports fell 2.8% q/q and exports tumbled 6.7%, thus the deficit widened. There was a strong rise in fuel imports, while meat exports fell sharply.
- The primary income deficit widened by $1.4bn.
- There was a $6.7bn increase in reserve assets because of the RBNZ’s decision to increase its FX reserves.
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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