New Zealand’s current account deficit narrowed to NZD 1.11 billion in the second quarter of 2019 from NZD 1.67 billion a year earlier to practically match expectations of a NZD 1.12 billion gap. The goods account surplus widened to NZD 0.95 billion from NZD 0.27 billion a year ago. In contrast, the services account surplus narrowed to NZD 0.57 billion from NZD 0.96 billion. Meantime, the primary account deficit narrowed to NZD 2.35 billion from NZD 2.82 billion, whereas the secondary account shortfall widened to NZD 0.28 billion from NZD 0.09 billion. The 12-month gap widened to NZD 10.23 billion from NZD 9.33 billion for the previous period. Current Account in New Zealand averaged -1031.26 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 -6236 NZD Million in the third quarter of 2018.
Current Account in New Zealand is expected to be -4300.00 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 -1600.00 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.