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Financial News: New Zealand Q2 Current Account Deficit NZ$1.598 Billion

New Zealand Q2 Current Account Deficit NZ$1.598 Billion

09/19/2017 - 19:46:00 (RTTNews)

(RTTNews) - New Zealand posted a seasonally adjusted current account deficit of NZ$1.598 billion in the second quarter of 2017, Statistics New Zealand said on Wednesday.

That follows the NZ$2.2.85 billion shortfall in the three months prior.

On a yearly basis, New Zealand's current account deficit was NZ$7.5 billion (2.8 percent of GDP; it was 2.7 percent of GDP for the June 2016 year).

The goods deficit decreased NZ$677 million to reach NZ$446 million.

The services surplus increased NZ$295 million to reach NZ$1,280 million, the highest on record. New Zealand's primary income deficit decreased to NZ$1,910 million in the June 2017 quarter, NZ$403 million smaller than in the March 2017 quarter.

New Zealand's secondary income deficit increased to NZ$522 million in the June 2017 quarter, NZ$188 million larger than the March 2017 quarter deficit.

The capital account balance was a deficit of NZ$14 million for the June 2017 quarter, down from the surplus of NZ$3 million in the March 2017 quarter.

The financial account net inflow was NZ$110 million for the June 2017 quarter. This is an increase from the revised financial account net outflow of NZ$787 million for the March 2017 quarter.

New Zealand's net international liability position was NZ$154.2 billion (57.5 percent of GDP) at 30 June 2017, up from a revised NZ$153.0 billion at 31 March 2017 but down slightly as a percentage of GDP (57.8 percent).

New Zealand's net external debt position was NZ$145.5 billion (54.3 percent of GDP) at 30 June 2017, up from a revised net external debt position of NZ$144.4 billion (54.6 percent of GDP) at 31 March 2017.

The outstanding reinsurance balance for the Canterbury earthquakes is NZ$1.3 billion while the outstanding balance for the Kaikoura earthquakes is NZ$991 million.

Revisions to recognized reinsurance claims for the Canterbury and Kaikoura earthquakes are reported in the quarter when the earthquakes occurred.

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