Tourist spend­ing drives down NZ trade deficit

China Daily (Canada) - - BUSINESS -

New Zealand’s cur­rent ac­count deficit shrank in the quar­ter end­ingMarch as over­seas vis­i­tors upped their spend­ing and for­eign in­vestors saw smaller re­turns, the gov­ern­ment sta­tis­tics agency said onWed­nes­day. The deficit of NZ$1.49 bil­lion ($1.04 bil­lion) was down by NZ$665 mil­lion from the pre­vi­ous quar­ter, and was the small­est quar­terly deficit since the March 2014 quar­ter, ac­cord­ing to Sta­tis­tics New Zealand. Less in­come earned from for­eign in­vest­ment in New Zealand was the main driver in the fall in the pri­mary in­come deficit, with falls in both di­rect and port­fo­lio in­vest­ment in­come.

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