There was a 13 percent jump in international guest nights last month, as the surge in tourism continues through to the winter months. Photo / Mark Mitchell
New Zealand's current account balance turned to a surplus in the first quarter as tourism drove up the services balance and foreigners earned less from their local investments.
The current account surplus was $1.3 billion in the first quarter, from a deficit of $2.89 billion a year earlier, Statistics New
Zealand said. The figures aren't seasonally adjusted.
The goods balance turned to a surplus of $606 million from a deficit of $1.37 billion as imports fell faster than exports.
The services balance was a surplus of $2.8 billion from a surplus of $847 million three months earlier, while the primary income balance, which mainly reflects investment income, was a deficit of $1.7 billion, narrower than the $2.3 billion gap recorded in the fourth quarter of 2015.
In the year, the current account deficit was $7.5 billion, or 3 percent of gross domestic product, from a revised deficit of $8 billion, or 3.2 percent of GDP, in calendar 2015. Statistics New Zealand said. The improvement was driven by an increase in the services surplus and a decrease in the primary income deficit, it said.
