N.Z. deficit $947m
<N Z Press Association)
WELLINGTON, Feb. 25.
A reversal of $947m in New Zealand’s cunent account was recorded in the year to January 31, says the Reserve Bank.
The current account had a deficit of sB64m, compared with a credit of sB3m at January 31, 1974. However, the deficit for January eased to s79m, against sl2Bm in December. Official overseas reserves for the January year were $581.7m, a drop of $227.5m from January, 1974. Government borrowing for the year rose from $3.7m in
the 1974 January year to $294.5m, and a further $ 100.5 m was drawn from the International Monetary Fund. Import payments for the year were $2305m — up s7sBm, or 49 per cent, on the January, 1974, year. A slight easing in import growth is noted towards the end of the year.
Export receipts of $1735m fell about 6 per cent. Proceeds from wool and meat were down s2oBm, but partly offset by greater earnings from manufactured goods, forest products, and dairy products.
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Bibliographic details
Press, Volume CXV, Issue 33778, 26 February 1975, Page 2
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167N.Z. deficit $947m Press, Volume CXV, Issue 33778, 26 February 1975, Page 2
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