New Zealand's current account deficit widened to 9.3 percent of gross domestic product (GDP) in the first quarter
Jun. 22, 2006

New Zealand's current account deficit widened to 9.3 percent of gross domestic product (GDP) in the first quarter, its highest level in more than 30 years, the government reported June 22. Standard & Poor's warned that the country's deficit would put pressure on its AA+ foreign currency rating. This is the worst deficit since the 1975 oil shock, during which the annual gap reached 13 percent of GDP.

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Media Release
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