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Source: ONE News -
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New Zealand's current account deficit - its balance sheet with the world - has shrunk to a seasonally adjusted $612 million in the June quarter, Statistics New Zealand said on Tuesday.
The current account, also known as the balance of payments, measures all of New Zealand's transactions with the outside world.
The decrease in the deficit was driven by a fall in income earned from foreign investment in New Zealand.
The annual deficit was $10.61 billion for the year ended June 2009 which amounts to 5.9% of gross domestic product.
The figure was far better than forecasts and compared with $14.56 billion, or 8.1% GDP, for the year ended March 2009.
Statistics New Zealand says this is the narrowest current
account deficit since September 2004.
