20 Dec 2017

NZ's current account deficit shrinks

1:29 pm on 20 December 2017

The country's financial position has improved slightly in the past three months.

Most retirees will eventually rely on superannuation.

Photo: 123RF

Official figures show a current account deficit of $4.7 billion for the September quarter, shrinking the annual deficit to around $7.1 billion.

As a proportion of the economy's value the deficit fell marginally, while the country's external debt level was steady.

The balance of payments broadly measures the country's ability to pay its way in the world and how much it needs to borrow.

And the country's trade deficit has deteriorated as imports grew faster than exports.

Official numbers show a monthly deficit of $1.2 billion, which included a $263 million plane import.

It was the worst monthly shortfall in more than a year and pushed the annual trade deficit to $3.4 billion.

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