In the fourth quarter of 2024, New Zealand recorded a current account deficit of NZD 7.04 billion, marking an improvement from the NZD 7.74 billion deficit observed during the same period the previous year and exceeding market projections of NZD 6.65 billion. The goods balance deficit improved significantly, narrowing to NZD 2.5 billion from NZD 4.6 billion in the third quarter. Similarly, the services account deficit saw a substantial reduction, decreasing to NZD 0.3 billion from NZD 2.04 billion. Despite these improvements, the primary income deficit rose to NZD 4.1 billion from NZD 3.7 billion, though the secondary income deficit decreased to NZD 0.03 billion from NZD 0.3 billion. Over the full year, New Zealand's annual current account deficit amounted to NZD 26.4 billion, which represents 6.2% of the GDP for the year ending December 31, 2024.
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