FX.co ★ New Zealand Current Account Gap Widens in Q4

New Zealand posted a current account deficit of NZD 5.98 billion in the fourth quarter of 2025, narrowing from NZD 8.36 billion in the previous quarter but widening compared with a NZD 5.0 billion deficit in the same period a year earlier. The goods deficit was broadly unchanged at about NZD 1.9 billion, similar to the level recorded a year before. By contrast, the services deficit widened to NZD 194 million, up from NZD 75 million a year earlier. The primary income deficit also increased sharply, rising to NZD 3.67 billion from NZD 2.9 billion, while the secondary income deficit grew to NZD 227 million from NZD 110 million. On a seasonally adjusted basis, New Zealand’s current account deficit for 2025 amounted to NZD 16.3 billion, equivalent to 3.7% of GDP.