NZ: Well contained Q3 current account deficit – Westpac

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Michael Gordon, senior economist at Westpac, notes that New Zealand’s current account deficit widened from 3.3% to 3.6% of GDP in the year to September, in line with market forecasts.

Key Quotes

“The deterioration in the annual balance reflected a tougher year-ago comparison. Dairy exports have been lower and oil import prices have been higher in the last year or so, but these factors are starting to unwind.”

“The current account deficit remains low relative to history, and New Zealand’s net overseas debt position was steady in the September quarter.”

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