N.Z. FEBRUARY CURRENT ACCOUNT DEFICIT NARROWS
New Zealand's current account
deficit narrowed to 78 mln dlrs in February from 93 mln in
January and 233 mln in February 1986, in a smoothed seasonally
adjusted measurement, the statistics department said.
    This is the first time current account figures have
appeared in a seasonally adjusted form.
    Non-seasonally adjusted but smoothed figures show a deficit
of 112 mln dlrs against 144 mln in January and 281 mln in
February 1986.
    Totally unadjusted figures show a deficit of 47 mln dlrs
against 168 mln in January and 227 mln in February 1986.
    The smoothed seasonally adjusted series shows a surplus on
merchandise trade of 174 mln dlrs after 161 mln in January and
33 mln in February 1986.
    Smoothed but non-seasonally adjusted figures show a
merchandise trade surplus of 114 mln dlrs against 81 mln in
January and a 47 mln dlr deficit in February 1986.
    Unadjusted merchandise figures show a surplus of 168 mln
against 36 mln in January and 22 mln in February 1986.
    The deficit on invisibles was 241 mln dlrs against 242 mln
in January and 250 mln in February 1986.
    The smoothed but not seasonally adjusted deficit on
invisibles was 226 mln dlrs against 225 mln in January and 234
mln in February 1986.
    The unadjusted deficit on invisibles was 215 mln dlrs
against 204 mln in January and 249 mln in February 1986.
    Seasonally adjusted export and import figures were not
available but the department said they will be included in
future current account data.
    Smoothed but non-seasonally adjusted exports were 924 mln
dlrs, unchanged from January, against 843 mln in February 1986.
    Smoothed but non-seasonally adjusted imports were 810 mln
dlrs against 843 mln in January and 890 mln in February 1986.
 Reuter
