Current account deficit continues to narrow

The improvement came as tourists returned to NZ following a major slump due to the pandemic. (Image: Getty)

Wed, 20 Sep 2023

New Zealand’s current account deficit continued to narrow in the year to June.The news may provide some relief to those worried the country is at risk of having its credit rating downgraded, the NZ Herald reported. NZ spent $29.8 billion more overseas than it earned in the year to June.This sum was equivalent to 7.5% of gross domestic product, according to Statistics NZ.The improvement came as tourists returned to NZ following a major slump due to the pandemic.Overseas visitors increased their spending in the country by almost twice...

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