N.Z. deficit of $326M
PA Wellington New Zealand's balance of payments for the September quarter of this year shows a deficit of $326 million on current account, according to a statement by the Government Statistician. Mr E. A. Harris, at the weekend. This compares with a deficit of $224M for the June, 1979, quarter, and a deficit of S29BM for the September, 1978. quarter. The deterioration in the balance on current account in the latest quar-
ter, compared with the Septembe.. 1978. quarter, was caused by an increase of SSOM in the deficit on invisibles. This was partly offset by an increase of SI6M in the surplus on merchandise trade and a reduction of SBM in the deficit balance on transfers. Exports of merchandise increased by S2I3M (24 cent), while imports increased by SI97M (23 per cent). The major movements on invisibles were increases of S33M in the
deficit on travel and $2B million in the deficit on transport. For the year ended September, 1979, the deficit on current account was $682.M. which compares with a deficit of $653M for the year ended June. 1979. and a deficit of S6OOM for the year ended September. 1978. The balance f mchandise trade for the latest year showed a surplus of SS4OM, which was offset by . a deficit on invisibles of SIIBIM, said Mr Harris.
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Press, 4 December 1979, Page 10
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223N.Z. deficit of $326M Press, 4 December 1979, Page 10
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