23 March 2005

Current Account Deficit - Further Warning On True State Of Economy

Rt Hon Winston Peters said today that the current account deficit, up almost $4 billion in the space of twelve months to a record $9.3 billion, is just one further warning as to the true state of the New Zealand economy.

“Our exporters’ international competitiveness is seriously diminishing. The adverse effects of foreign ownership in New Zealand are increasing whilst all the government can offer is excuses.

“Alongside the worst ever current account deficit figures released today is our appalling net debtor position, the measurement of net international debt and net overseas equity, which is now up $5 billion to a staggering $123 billion.

“All the government and their apologists have to offer as a pathetic explanation for this state of affairs is “market forces”.

“For those who have been claiming the economy has been booming in recent years, the best advice one could recommend to them is that they have their heads read,” said Mr Peters.

ENDS

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