Record deficit is 'cause for concern'

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Andy Fyers
New Zealand's balance of payments on the current account expanded to 8.9% of GDP in the final quarter of 2022. Stats NZ said it was the largest deficit since the series began in 1988.The balance of payments, or current account, essentially tracks whether NZ is paying its way in the world. It measures inflows and outflows of payments associated with imports, exports, investments and debt servicing. A deficit indicates that NZ is a net importer of goods and services.Cause for concernASB economists said the swift deterioration in the bala...

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