Statistics New Zealand reported on Wednesday that the country had a seasonally adjusted current account deficit of NZ$6.9 billion for the final quarter of 2023. The figure follows the NZ$6.733 billion deficit recorded in the preceding three months.
In the same quarter, the seasonally adjusted goods deficit decreased to NZ$2.9 billion. However, the services deficit grew to $438 million, and the primary income deficit also widened, reaching NZ$3.4 billion. The country's financial account witnessed a net inflow of NZ$12.9 billion.
Remarkably, the year 2023 saw a reduction in the current account deficit, falling to NZ$27.8 billion or 6.9 percent of GDP. This was a noticeable decrease from the NZ$33.4 billion (or 8.8 percent of GDP) deficit observed in 2022.
