New Zealand’s current account deficit shrank to 8.5 per cent of gross domestic product (GDP) in the year to March, Stats NZ said.
The shortfall came to $33 billion in the latest period, compared with $34.4b (9.0 per cent of GDP, revised from 8.9 per cent) in the December year.
This is compared with an annual current account deficit of $24.2b (6.8 per cent of GDP) in the March 2022 year.
Balance of payments current account data records a nation’s transactions with the rest of the world - specifically its net trade in goods and services, its net earnings on cross-border investments, and its net transfer payments.
The December year deficit was the biggest since the current data series began in 1988.