New Zealand’s 2Q Current Account Deficit Increase More Than Expected

New Zealand’s current account deficit increased more-than-expected in the second quarter of the year.

The current account deficit was 945 million New Zealand dollar, worse than the revised surplus of NZ$1.184 billion recorded in the first quarter, according to the official data released by Statistics New Zealand on Wednesday.

The statistics New Zealand has attributed the figure to record spending by New Zealanders travelling overseas.

“More New Zealanders went overseas this quarter than in previous June quarters. And they spent the most ever recorded while travelling for work and holidays,” said Stuart Jones, a manager at Statistics New Zealand’s International Statistics.

However, the nation’s net external debt position rose to NZ$141.6 billion in the June quarter, equivalent to -56.3% of GDP.