NZ annual current account deficit widens less than feared in second quarter

Tue, 18 Sep 2012

Sept. 19 (BusinessDesk) - New Zealand’s annual current account deficit widened in the second quarter, as the nation’s Australian-owned banks reaped bigger profits and imports rose with fuel costs. The deficit was $10.1 billion, or 4.9 percent of gross domestic product, in the year ended June 30, from a revised $9 billion, or 4.5 percent of GDP three months earlier, according to Statistics New Zealand. The actual deficit in the latest quarter was $1.8 billion, greater than the $1.6 billion forecast in a Reuters survey. The New Zealand dollar...

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