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Annual Current Account Deficit $33.0 Billion
The annual current account deficit was $33.0 billion
(8.5 percent of gross domestic product (GDP)) in the year
ended 31 March 2023, according to figures released by Stats
NZ today.
This compared with an annual current account deficit of $34.4 billion (9.0 percent of GDP) in the year ended 31 December 2022.
The annual current account deficit was $24.2 billion (6.8 percent of GDP) in the year ended 31 March 2022.
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.
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- Annual current account deficit $33.0 billion
- Balance of payments and international investment position: March 2023 quarter
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