New Zealand has turned to a current-account deficit in the second quarter with the country earning less from the export of travel services, such as tourist spending.
The current-account deficit was $NZ1.2 billion ($A1.07 billion) in the three months ended June 30, from a revised surplus of $NZ821 million a year earlier, Statistics New Zealand said on Wednesday.
The annual deficit was $NZ8.3b, or 3.5 per cent of gross domestic product, from a revised gap of $NZ8.06b, or 3.4 per cent, three months earlier.
The deficit means the nation is spending more than it earns.
The balance on goods was a reduced surplus of $NZ679m in the latest quarter, from a revised $NZ845m a year earlier as goods exports widened to $NZ12.7b and goods imports rose to $NZ12.01b.
The surplus on services narrowed to $NZ488m from $NZ2.23b three months earlier, as exports of travel services fell to $NZ2.76b from $NZ4.15b.
The income balance was unchanged at $NZ2.2b.
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