New Zealand data: Q3 current account -10.2bn NZD (vs. -10bn expected)

NZD barely moving upon the data release.

The data:

Q3 current account balance -10.2bn NZD

• expected -10bn, priorr -5.2bn
• seasonally adjusted its not so huge, -5.9bn NZD
• YTD current account balance is NZD -29.65bn

Current account to GDP ratio is -7.9%

• expected -8.0%, prior -7.7%

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Via Stats NZ:

“A current account deficit reflects that we are spending more than we are earning overseas. The size of the current account balance in relation to GDP shows its significance in the context of New Zealand’s overall economy,” institutional sectors senior manager Paul Pascoe said.The widening in the annual current account deficit was mainly due to a $10.2 billion widening in the goods and services deficit.Total imports of goods and services for the year ended 30 September 2022 were $104.6 billion, an increase of $21.5 billion from the year ended 30 September 2021.

This article was written by Eamonn Sheridan at http://www.forexlive.com.