NZ posts small current account surplus in March quarter

Thursday 24 June 2004

New Zealand posted a better than forecast $174 million current account surplus in the March quarter, Statistics New Zealand said today.

By The Landlord

It compares with a surplus of $267m in the March 2003 quarter, but economists had forecast on average a deficit of $173m.

The current account, also known as the balance of payments, measures New Zealand's dealings with the rest of the world including trade and "invisibles" such as debt payments.

The March year deficit was $5.70 billion, equating to 4.2% of Gross Domestic Product (GDP).

The annual deficit has expanded from $4.32b in the March 2003 year, but today's number was not nearly as bad as had been feared.

Deficits for previous quarters were revised down so that the calendar 2003 deficit of $5.61b was estimated at only 4.2% of GDP instead of 4.6% previously.

Read More - Opens in a new window
Commenting is closed

Property News

Major industrial development powers on

It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.


Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.


Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer