NZ: Q3 current account narrows to 2.6% of GDP – Westpac

The New Zealand’s current account deficit narrowed to 2.6% of GDP in the year to September, notes Michael Gordon, Senior Economist at Westpac.

Key Quotes

“Export earnings are in a healthier position than they were a year ago. Dairy export prices and volumes have improved, and tourist numbers continue to trend higher.”

“New Zealand’s external imbalances are looking more sustainable.”

“We expect the current account deficit to narrow further in the near term, although that view could be tested by a recent surge in imports of business equipment.”