Analysts at ANZ point out that New Zealand’s annual current account deficit widened in Q3 to 3.6% of GDP, around its historical average, owing largely to base effects.
Key Quotes
“Seasonal factors drove the widening quarterly deficit. Seasonally adjusted, narrowing goods and income deficits were offset by a smaller services surplus.”
“New Zealand’s net international liability position rose 0.1%pt to 53.7% of GDP.”
“There are no obvious implications from today’s data for tomorrow’s real GDP figures.”
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