New Zealand’s current account deficit widened to NZD 6.35 billion in the third quarter of 2019 from NZD 6.24 billion in the corresponding period of the previous year and compared with market expectations of a NZD 6.34 billion gap. The goods account gap increased to NZD 3.51 billion from NZD 3.20 billion a year ago, and the services account shortfall rose to NZD 0.48 billion from NZD 0.33 billion. Also, the secondary account deficit went up to NZD 0.17 billion from NZD 0.06 billion. Meantime, the primary income shortfall narrowed to NZD 2.19 billion from NZD 2.64 billion. The 12-month gap narrowed to NZD 11 billion from NZD 10.65 billion in prior period. Current Account in New Zealand averaged -1058.32 NZD Million from 1971 until 2019, reaching an all time high of 1737 NZD Million in the first quarter of 2016 and a record low of -6351 NZD Million in the third quarter of 2019. source: Statistics New Zealand
Current Account in New Zealand is expected to be -2900.00 NZD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in New Zealand to stand at -4800.00 in 12 months time. In the long-term, the New Zealand Current Account is projected to trend around -2790.00 NZD Million in 2020, according to our econometric models.