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Wednesday, 22 December 2010 - NZ current account deficit widens in Q3, but seen narrowing
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    Read more with google mobile : NZ current account deficit widens in Q3, but seen narrowing

    Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World NZ current account deficit widens in Q3, but seen narrowing Reuters - Wednesday, December 22 Send IM Story Print * NZ current account deficit wider as foreigners earn more * Gap at 3.1 percent of GDP, seen narrowing * Deficit offset by earthquake insurance payments * NZ dollar and debt unmoved by data By Mantik Kusjanto WELLINGTON, Dec 22 - New Zealand's annual current account deficit widened in the September quarter as foreign investors' earnings improved, but insurance payments on earthquake damage eased pressure on the gap and will continue to do so into 2011. Insurance payments coming into the country following the 7.1 earthquake in September will help the current account deficit narrow in the first quarter of next year to its smallest in two decades, the central bank forecasts. But payments to foreign investors and increased imports as the economy pulls out of the global financial crisis will drag the deficit wider again in coming years, an outlook that prompted Standard & Poor's to warn last month of a possible ratings downgrade. The current account deficit swelled to NZ$5.93 billion for the year to Sept 30 from a revised NZ$5.71 billion for the year to June 30, data showed on Wednesday. The gap was the equivalent of 3.1 percent of GDP, slightly narrower that a forecast in a Reuters poll of 3.4 percent of GDP. Statistics New Zealand, the government's data agency, estimated insurance firms brought NZ$1.7 billion into the economy to cover claims against the earthquake that struck the Canterbury region of the South Island on Sept. 4. [ID:nN03116461] "Stripping that out, things are starting to deteriorate again and we expect the deficit to widen over the course of next year, but to levels that are sustainable relative to history," said Goldman Sachs economist Philip Borkin. The New Zealand dollar was unmoved, sitting around $0.7428 and interest rate futures <0#NBB:> were also flat. The data underlined the Reserve Bank of New Zealand's interest rate thinking, analysts said. It left its cash rate unchanged at 3.0 percent on Dec. 8 amid a soft economic outlook and said rate rises over the next two years would likely be modest. [ID:nSGE6B70E] The data showed a strong trade surplus, albeit steadying, with export earnings offsetting growth in imports as the economy recovers slowly following recession during the financial crisis. Excluding the reinsurance impact, the current account deficit would have risen to 3.8 percent of GDP. However, the investment deficit -- the gap between earnings for foreign investors in New Zealand, and the country's foreign investments -- widened further to NZ$10.7 billion in the year to the end of September. Lower spending by tourists also helped swell the current account deficit. The current account deficit in the September quarter widened to NZ$1.77 billion from a revised NZ$987 million in the June quarter. The central bank has forecast the annual current account deficit will shrink to 1.9 percent of GDP by March 2011, the smallest gap in almost 22 years, as insurance payments are made on the earthquake. It forecasts the gap will swell though to 4.6 percent of GDP by March 2013 as the economy returns to normal growth, increasing imports and investment earnings for foreigners. The deficit hit a 21-year-low at 2.4 percent in the March quarter, amid weak import demand, restrained earnings for foreign investors, and one-off tax payments after several Australian-based banks settled tax cases. It peaked at 9 percent of GDP in the first half of 2006. Last month, Standard & Poor's cut its ratings outlook on New Zealand's foreign-currency credit ratings of AA+/A-1+ to negative from stable, citing concerns about foreign debt. [ID:nSGE6AL05L] New Zealand relies heavily on foreign borrowing to fund its deficits because of perennially low levels of household saving. The government has said it wants to increase national savings. "We expect no reaction from the ratings agencies," said Deutsche Bank chief economist Darren Gibbs. "They will continue to look for evidence pointing to a sustained improvement in national savings performance as the economy returns to trend." Fitch Ratings, which cut its AA-plus outlook to negative in July, has said the country needs sustainable improvement in its fiscal position and foreign debt levels to secure an upgrade. The central bank has warned the country needs to cut its high debt or face punishment by markets with higher lending rates and the risk that its debt servicing costs may become intolerable. New Zealand's net foreign liabilities edged lower to 85.2 percent of GDP from 86.3 percent in the previous quarter. By comparison Australia's level is around 60 percent. The housing market has also cooled and banks have tightened lending conditions, which has seen demand for finance ease. Recommend Send IM Story Print Related Articles Mitsui to spend $1.2 bln on Rio Tinto JV expansion Reuters - 32 minutes ago Belgian Eden Chocolates wants China listing-paper Reuters - 34 minutes ago Insurer Catlin raises loss estimate from NZ quake Reuters - 34 minutes ago Swiss franc gains, hits 2-month high vs dollar Reuters - 35 minutes ago JGBs gain on month-end buys; 2-yr sale well received Reuters - 35 minutes ago News Search Top Stories Russia investigates Bank of Moscow over loan Zsa Zsa Gabor's prince glues own eye shut Obama congratulates Iraq on new government Fears grow of euro-style debt crisis in US states Europe airport chaos slammed as snow misery grows More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US gets tough on shark fins Lunar eclipse makes memorable solstice Japan bio-scientists produce 'singing mouse' Brazil overtakes Germany as 4th biggest car market Autistic children lack visual skills: study More Most Viewed » NASA finds new form of life... on Earth Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! 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