27 September 2001 Media Statement

New Zealand in good position to weather global storm - Cullen

"New Zealand's improving Balance of Payments deficit points to the underlying strength of the economy and will allow us to weather the global slow down in a better position than many other economies," Finance Minister Michael Cullen said today.

Dr Cullen was commenting on the Balance of Payments deficit of $297 million – the lowest June quarter figure since 1993.

"We are in a strong position to weather through. We have a strong fiscal stance and demand for our products has remained reasonably good despite the slow down the world has experienced over the last year.

"This is a good sign of how much progress is being made. A major problem we inherited was a wide and growing current account deficit," said Dr Cullen.

ENDS

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