Current account deficits improve on higher tourism levels

Tourists helped reduce the current account deficit. (Image: Getty)

Wed, 20 Mar 2024

New Zealand’s annual current account deficit has continued to improve – thanks largely to the continued return of overseas tourists.The deficit was $27.8 billion (6.9% of gross domestic product) in the year ended Dec 31, 2023, according to figures released by Stats NZ today.That was down from $29.8b, or 7.4% of GDP in the year to September 2023.The deficit was also $5.6b narrower than the $33.4b deficit in the year ended Dec 31, 2022 (8.8% of GDP).On a quarterly basis, it widened by $167 million to $6.9b (from the Septembe...

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