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Balance of Payments and International Investment Position: June 2017 quarter
Embargoed until 10:45am  –  20 September 2017

Current account deficit narrows

New Zealand’s seasonally adjusted current account balance was a $1,598 million deficit in the June 2017 quarter, $1,187 million smaller than the revised March 2017 quarter’s deficit. The main driver for the smaller deficit was a $972 million increase in the goods and services balance to a surplus of $834 million.

Record services surplus

New Zealand's seasonally adjusted services surplus was $1,280 million in the June 2017 quarter, up $295 million from the March 2017 surplus. This is the highest services surplus on record. Spending by both visitors to New Zealand and New Zealanders travelling abroad was the main driver of services imports and exports.

Primary income deficit narrows

The primary income deficit decreased to $1,910 million this quarter, $403 million less than the March 2017 quarter. This was due to a $295 million increase in New Zealand’s investment income earned abroad, and a $73 million decrease in income earned by foreign investment in New Zealand.

Annual current account deficit widens

For the year ended June 2017, New Zealand’s current account deficit was $7.5 billion (2.8 percent of GDP). This compares with a revised $6.8 billion deficit (2.7 percent of GDP) for the year ended June 2016.

Foreign investment in New Zealand up to $404 billion

Foreign investment in New Zealand reached $404.0 billion at 30 June 2017, up $6.2 billion from 31 March 2017. Equity investment by foreigners reached a record high of $113.2 billion, up $3.2 billion from 31 March 2017.

New Zealand’s investment overseas rose $4.9 billion to $249.8 billion. Equity investments also reached a record high, increasing by $2.6 billion to $104.9 billion.

Financial assets and liabilities are made up of equity (such as shares) and debt instruments (loans and bonds). At 30 June 2017, over one-quarter of New Zealand’s liabilities were made up of equity while on the asset side equity made up over 40 percent.

Value of liabilities rise

The $1.2 billion increase in New Zealand’s net liability position was driven by a $2.8 billion change in net market price movements. Foreign investors saw the value of their shares in NZX-listed companies increase along with the value of government bonds.

Net financial transactions increased the net liability position by $110 million, as foreigners increased their investment in New Zealand more than New Zealand did with the rest of the world.

The New Zealand dollar appreciated against most of its trading partners’ currencies between 31 March and 30 June 2017. This decreased the value of New Zealand’s liabilities by $2.2 billion and decreased the value of our assets by $2.1 billion, resulting in little effect on the net liability position.

Diagram, Net contributions to net liability position, June 2017 quarter.

Download data tables

For more detailed data see the Excel tables in the 'Downloads' box.

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