The annual current account deficit was $29.7 billion (7.9 percent of gross domestic product (GDP)) in the year ended 30
September 2022, $13.3 billion wider than in the year ended 30 September 2021, Stats NZ said today.
The largest annual current account deficit prior to the COVID pandemic was $14.7 billion in the December 2008 year
during the global financial crisis (7.8 percent of GDP).
“A current account deficit reflects that we are spending more than we are earning overseas. The size of the current
account balance in relation to GDP shows its significance in the context of New Zealand’s overall economy,”
institutional sectors senior manager Paul Pascoe said.
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