New Zealand Current Account Gap Widens in Q4

2026-03-17 22:10 By Joana Taborda 1 min. read

New Zealand recorded a current account deficit of NZD 5.98 billion in the final quarter of 2025, narrowing from NZD 8.36 billion in the previous quarter but widening from a NZD 5.0 billion deficit a year earlier.

The goods deficit remained broadly stable at around NZD 1.9 billion, in line with the same period last year.

In contrast, the services deficit increased to NZD 194 million, up from NZD 75 million a year earlier.

The primary income deficit widened significantly to NZD 3.67 billion from NZD 2.9 billion, while the secondary income deficit rose to NZD 227 million from NZD 110 million.

On a seasonally adjusted basis, New Zealand’s current account deficit totalled NZD 16.3 billion in 2025, equivalent to 3.7% of GDP.



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New Zealand Current Account Gap Widens in Q4
New Zealand recorded a current account deficit of NZD 5.98 billion in the final quarter of 2025, narrowing from NZD 8.36 billion in the previous quarter but widening from a NZD 5.0 billion deficit a year earlier. The goods deficit remained broadly stable at around NZD 1.9 billion, in line with the same period last year. In contrast, the services deficit increased to NZD 194 million, up from NZD 75 million a year earlier. The primary income deficit widened significantly to NZD 3.67 billion from NZD 2.9 billion, while the secondary income deficit rose to NZD 227 million from NZD 110 million. On a seasonally adjusted basis, New Zealand’s current account deficit totalled NZD 16.3 billion in 2025, equivalent to 3.7% of GDP.
2026-03-17
New Zealand Current Account Gap Widens Sharply in Q3
New Zealand posted a current account deficit of NZD 8.37 billion in Q3 2025, widening sharply from a NZD 1.30 billion shortfall in the previous quarter and above market expectations. The goods balance shifted back into a deficit of NZD 3.44 billion from a NZD 2.64 billion surplus a quarter earlier, while the services account deficit widened to NZD 1.78 billion from NZD 1.02 billion. Meanwhile, the primary income deficit widened to NZD 2.99 billion from NZD 2.56 billion, and the secondary income gap narrowed to NZD 0.15 billion from NZD 0.36 billion. On an annual basis, the current account deficit for the year ended September 30, 2025, stood at NZD 15.4 billion, improving from NZD 21.9 billion in the year ended September 30, 2024. Overall, the data point to a marked improvement in New Zealand’s external position on an annual basis, despite a significant deterioration at the quarterly level driven by weaker trade balances.
2025-12-16
NZ Current Account Deficit Narrows Sharply in Q2
New Zealand posted a current account deficit of NZD 0.97 billion in Q2 2025, significantly narrowing from a NZD 3.3 billion shortfall in the same period last year and well below market expectations of NZD 2.7 billion. The goods balance surplus widened sharply to NZD 2.67 billion from NZD 0.53 billion a year earlier, while the services account deficit increased to NZD 1 billion from NZD 0.66 billion. Meanwhile, the primary income deficit narrowed to NZD 2.3 billion from NZD 2.7 billion, and the secondary income gap fell to NZD 0.37 billion from NZD 0.49 billion. On an annual basis, the current account deficit for the year ended June 30, 2025, stood at NZD 16.0 billion, improving from NZD 18.3 billion in the year ended March 31, 2025. Overall, the data points to a marked improvement in New Zealand’s external position, driven largely by stronger goods exports and narrower income deficits.
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