New Zealand Q1 BoP Current Account data
BoP Current Account Balance for Q1, 662 mln
- expected 282mln, prior was -3.194bn
Current account to GDP ratio (YTD) for Q1, -3.6 %
- expected -3.8%, prior was -3.3%
A much wider than expected kiwi current account surplus
More from Statistics New Zealand:
- "Imports of petroleum products fell to their lowest value in just over nine years, as prices plummeted in the latest quarter, to their lowest level in over a decade," international statistics manager Jason Attewell said.
- Lower oil prices at the start of 2015 drove a decrease in New Zealand's overseas expenditure in the March 2015 quarter
- New Zealand's annual current account deficit was $8.6 billion (3.6 percent of GDP) for the year ended March 2015. This compares with a deficit of $7.8 billion (3.3 percent of GDP) for the year ended December 2014.
- The larger annual current account balance was mainly due to a fall in exports of goods, which was driven by falling dairy prices over the past year.
- "Increased spending by overseas visitors in New Zealand, our second-largest source of export revenue, partly offset the fall in exports of dairy products over the past year," Mr Attewell said.
NZD is trading a few tics higher in the wake of the release: