Statistics New Zealand released its current account data on late Tuesday evening. New Zealand's seasonally adjusted current account deficit turned into a surplus of NZ$1.31 billion in the first quarter from a deficit of NZ$2.89 billion in the fourth quarter, exceeding expectations for a NZ$1.05 billion surplus. The fourth quarter's figure was revised down from a deficit of NZ$2.61 billion.

The services surplus rose by NZ$116 million to NZ$1.1 billion in the first quarter from the previous quarter, while the goods deficit dropped by NZ$247 million to NZ$515 million.

"Generally, foreign-owned New Zealand companies earned lower profits this. This meant there was a decrease in investment income paid to foreign investors," international statistics manager Stuart Jones said.