NZ posts bigger-than-expected current account surplus in first quarter

Tue, 16 Jun 2015

By Jonathan Underhill June 17 (BusinessDesk) - New Zealand posted a larger-than-expected current account surplus in the first quarter as spending by tourists widened the services balance and the country benefited from lower oil prices. The current account surplus was $662 million in the three months ended March 31, according to Statistics New Zealand. The annual deficit was $8.6 billion, or 3.6 percent of gross domestic product, the highest in two years. Economists expected a quarterly surplus of $240 million, for an annual deficit of $9....

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