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.
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The annual deficit was $8.6 billion, or 3.6 per cent of gross domestic product, the highest in two years.
Economists expected a quarterly surplus of $240 million, for an annual deficit of $9.01 billion, or 3.8 per cent of GDP, according to a Reuters survey.