2023 New Zealand annual current account deficit shrank to $27.8bn (6.9% of GDP) from $33.4bn in 2022 due to increased travel exports and imports.
New Zealand's annual current account deficit improved in 2023, shrinking to $27.8 billion (6.9% of GDP) in the year ended December 31, 2023. This represents a $5.6 billion reduction compared to the $33.4 billion deficit in the year ended December 31, 2022. The increase in travel exports, reflecting spending by overseas visitors, helped narrow the services deficit by $6.1 billion. Travel imports also increased by $2.5 billion, largely driven by New Zealanders spending on overseas holidays.
March 19, 2024
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