New Zealand Has NZ$2.0 Billion Current Account Deficit
New Zealand posted a seasonally adjusted current account deficit of NZ$2.0 billion in the second quarter of 2014, Statistics New Zealand said on Wednesday. That followed the downwardly revised NZ$0.6 billion shortfall (originally a surplus of NZ$1.407 billion). "The value of goods exports fell over a range of commodities, with dairy the most significant contributor this quarter," international statistics manager Jason Attewell said. Exports of goods fell NZ$1.1 billion. For the year ended June 2014, the current account deficit was NZ$5.8 billion (2.5 percent of GDP); it was 2.7 percent of GDP for the year ended March 2014, or NZ$6.0 billion. The latest deficit is $2.1 billion smaller than that for the year ended June 2013, which was 3.7 percent of GDP. New Zealand's net international liability position, which measures the value of our overseas assets less our overseas liabilities, was NZ$149.7 billion (65.3 percent of GDP) at 30 June 2014. The net liability position is now $1.4 billion smaller than at 31 March 2014 due to valuation changes, the statistics bureau said. "This is the smallest net liability position as a percentage of GDP in almost 13 years," Attewell said. New Zealand's external debt position increased $2.0 billion, to $142.3 billion (62.1 percent of GDP) in Q2.
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