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Market Update: NZ Current Account Balance Swings to Deficit in Q1
New Zealands current account balance switched to an NZD 2.895 billion deficit in the first quarter of 2021 from an NZD 1.903 billion surplus in the corresponding period of the previous year and compared with market expectations of an NZD 2.230 billion shortfall. The goods account posted an NZD 0.342 deficit this quarter compared to an NZD 1.094 billion surplus a year earlier, while the services account shifted to an NZD 0.635 billion deficit from an NZD 2.635 billion surplus. In addition, the secondary income gap widened to NZD 0.240 billion from NZD 0.109 billion. On the other hand, the primary income deficit narrowed to NZD 1.678 billion from NZD 1.718 billion in the same period a year ago. source: Statistics New Zealand [/s2If]
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