Current account deficit for second quarter
Less earned from export of travel services.
The country continues to spend more than it earns.
It has a current-account deficit for the second quarter of the year, earning less from the export of travel services, such as tourist spending, while revisions to the annual measure reduced the gap as a percentage of gross domestic product.
The current-account deficit was $1.2 billion in the three months ended June 30, from a revised surplus of $821 million a year earlier, Statistics New Zealand figures show.
The annual deficit was $8.3 billion, or 3.5% of GDP, from a revised gap of $8.06 billion, or 3.4%, three months earlier.
The balance on goods was a reduced surplus of $679 million in the latest quarter, from a revised $845 million a year earlier as exports widened to $12.7 billion and imports rose to $12.01 billion.
The surplus on services narrowed to $488 million from $2.23 billion three months earlier, as exports of travel services fell to $2.76 billion from $4.15 billion.
The income balance was unchanged at $2.2 billion.
(BusinessDesk)
Jonathan Underhill
Wed, 16 Sep 2015
Wed, 16 Sep 2015
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Current account deficit for second quarter
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