NZ current account deficit widens in 2Q on drought effects

Tue, 17 Sep 2013

By Pattrick Smellie Sept. 18 (BusinessDesk) – New Zealand’s current account deficit came in at a seasonally adjusted $2.2 billion for the three months to June 30, reflecting the impact on agricultural exports of the late summer drought. The actual deficit was a quarterly $1.25 billion, smaller than economists’ consensus forecasts of around $1.81 billion. For the year to June 30, the current account deficit shrank to $9.1 billion, or 4.3 percent of gross domestic product, compared to a deficit at 4.5 percent of GDP in the year to March 31. T...

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