NZ: Narrowest current account deficit since 2Q2014 - TDS

Research Team at TDS, notes that the NZ’s Q2 current account deficit was –2.9% of GDP and while missing the mark of a –2.6% drop, is the narrowest since 2Q2014.

Key Quotes

“Some of the miss can be attributed to more locals travelling overseas with exports of services weaker. We don’t expect a material change for our +1.2%/qtr GDP forecast, but still see upside risk to the street’s 1.1% f/c.

REINZ home sales dropped 3%/yr for August, with the 18%/yr decline in properties available for sale keeping prices elevated.”