30 Sep 2009

Billions in foreign investment withdrawn

12:54 pm on 30 September 2009

More foreign investment was taken out of New Zealand than was put in, during the year to March.

Financial transactions in the year resulted in a net withdrawal of $8.9 billion of foreign investment from New Zealand, Statistics New Zealand figures show, the first time there's been a net withdrawal since the series began in 2001.

During the same time, there was a $16 billion withdrawal of New Zealand investment from overseas.

New Zealand had $126 billion invested abroad at the end of March, of which 25% was in the United States, up from 21% the previous year.

Australia remains New Zealand's most significant investment partner, and was the destination for $35.6 billion of investment. The United States took second-place, followed by the UK.