CURRENT ACCOUNT IMPROVEMENT WELCOMED: PETERS

Deputy Prime Minister and Treasurer Winston Peters has welcomed the improvement in the Current Account Deficit for the March Quarter, saying it was not expected by the market and commentators generally.

The positive result was due in part to an improvement in New Zealand investment returns offshore.

It is also pleasing to note that a drop in export returns and tourism from Asia have been more than offset by higher returns in exports to Europe and the United States, and in non-Asian tourism.

Though this situation is a significant improvement, the Government recognises that New Zealand has a Current Account deficit problem and we must as a country focus on policies to address it.