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Financial News: New Zealand Q1 Current Account Deficit NZ$8.5 Billion

New Zealand Q1 Current Account Deficit NZ$8.5 Billion

06/14/2022 - 19:16:00 (RTTNews)

(RTTNews) - New Zealand posted a seasonally adjusted current account deficit of NZ$8.5 billion in the first quarter of 2022, Statistics New Zealand said on Wednesday - following the NZ$6.6 billion shortfall in the three months prior.

The current account deficit for the year ended March 2022 widened to NZ$23.3 billion (6.5 percent of gross domestic product [GDP]) from the NZ$8.2 billion deficit for the March 2021 year (2.5 percent of GDP).

The seasonally adjusted goods deficit widened to NZ$2.9 billion, while the seasonally adjusted services deficit widened to NZ$3.0 billion. The primary income deficit widened to NZ$2.3 billion and the financial account recorded a net inflow of NZ$4.5 billion.

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