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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: NZ current account deficit widens in Q4 Reuters - Thursday, March 26 * NZ current account deficit widens in line with expectations ADVERTISEMENT * NZ year to Dec. deficit 8.9 pct of GDP from 8.6 pct * Deficit seen as nearing its peak WELLINGTON, March 26 - New Zealand's annual current account deficit widened in the fourth quarter on higher imports and a shortfall in investment income, but was seen nearing its peak easing pressure on the currency and the country's credit rating. The annual current account deficit grew to NZ$16.07 billion in the December quarter from NZ$15.5 billion in the previous quarter, data showed on Thursday. The data was exactly in line with a Reuters poll forecast, and was seen as likely to show some gradual improvement. "In the short term the current account is likely to remain wide, but in the second half of this year the annual current account is likely to be narrowing in, with that trend continuing over a couple of years," said ASB Bank chief economist Nick Tuffley. The New Zealand dollar <NZD=> was initially unmoved by the data but later gained around a quarter of a cent to $0.5685/95 also helped by stronger equity markets. Interest rates were unmoved. The seasonally adjusted deficit for the December quarter narrowed to NZ$3.77 billion from NZ$4.01 billion in the third quarter as an increase in the value of dairy and forestry products was partly offset by the increased value of imports of services, Statistics NZ said. The services balance also deteriorated pointing to tourism earnings suffering because of the global downturn. The government agency said the deficit equated to 8.9 percent of gross domestic product, on an expenditure basis, compared with 8.6 percent in the previous quarter. The annual balance had been gradually improving after hitting record high levels in 2006, helped by a weaker New Zealand dollar as well as stronger exports. But surging oil prices and drought stalled the process. The Reserve Bank of NZ earlier this month forecast the current account deficit to remain around 8 percent of GDP through 2009 before narrowing steadily from early 2010. Rating agency Standard & Poor's cut the outlook on New Zealand's AA-plus foreign currency rating to negative from stable in January, partly due to its widening current account deficit. The sharp deterioration in the deficit has put further pressure on the rating as the government is forced to borrow heavily to finance large budget deficits because of the deepening recession. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Ariane chief decries China for satellite launchAFP - Thursday, March 26 CBC to cuts 800 jobs in bid to balance budgetAP - Thursday, March 26 Oil prices fade as storage levels hit 16-year highAP - Thursday, March 26 MONEY MARKETS-3-month dollar Libor steady; spread narrowsReuters - Thursday, March 26 Postal chief says post office running out of moneyAP - Thursday, March 26 Most Popular – Business Viewed Deutsche Bank might have to cut jobs: report Red meat raises death risk, white meat lowers it Snacking during labour is OK, study finds Scientists in possible cold fusion breakthrough Tuberculosis ravages HIV/AIDS patients: WHO View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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