Investing.com – New Zealand’s current account recorded a wider-than-expected deficit in the second quarter, official data showed late Tuesday.
In a report, Statistics New Zealand said the country’s current account recorded a seasonally adjusted deficit of NZD 0.88 billion in the second quarter, following a surplus of NZD 0.16 billion in the preceding quarter, whose figure was revised down from NZD 0.18 billion.
Economists had expected a deficit of NZD 0.15 billion in the second quarter.
The report added that year-on-year, the current account deficit was 3.0% of GDP in the second quarter, up from 2.4% in the preceding quarter.
Following the release, the New Zealand dollar was up against its U.S. counterpart, with NZD/USD gaining 0.34% to hit 0.7376.
In a report, Statistics New Zealand said the country’s current account recorded a seasonally adjusted deficit of NZD 0.88 billion in the second quarter, following a surplus of NZD 0.16 billion in the preceding quarter, whose figure was revised down from NZD 0.18 billion.
Economists had expected a deficit of NZD 0.15 billion in the second quarter.
The report added that year-on-year, the current account deficit was 3.0% of GDP in the second quarter, up from 2.4% in the preceding quarter.
Following the release, the New Zealand dollar was up against its U.S. counterpart, with NZD/USD gaining 0.34% to hit 0.7376.