NZ annual deficit blows out to $23.3 billion

The economy is running hot, says Westpac Bank. (Image: Supplied)

Wed, 15 Jun 2022

New Zealand’s seasonally adjusted current account deficit widened as the economy continues to run hot.The deficit widened from $1.9 billion to $8.5b in the March quarter and the annual current account deficit blew out to $23.3 billion, or 6.5% of gross domestic product. It was $8.2 billion in the same period a year earlier, or 2.5% of GDP. “The widening of the deficit beyond the average level of recent years essentially reflects the hot New Zealand economy,” said Westpac Bank. “Despite the covid outbreak,...

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