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Balance of Payments and International Investment Position: December 2014 quarter
Embargoed until 10:45am  –  18 March 2015
Revisions

Earthquake-related figures revised

New Zealand insurers have provided updated estimates of their Canterbury reinsurance claims on non-resident reinsurers. The updated data affects capital account inflows, investment abroad transactions, and IIP assets. We used the updated data to revise statistics back to the September 2010 quarter. These are shown in the table below.

 Updated Canterbury reinsurance claims on non-resident reinsurers
 Quarter  Reinsurance claims published (17 Dec 2014) Revised reinsurance claims
(18 Mar 2015) 
Size of
revision
NZ$(million)
Sep 2010 5,811 6,070 259
Dec 2010 0 0 0
Mar 2011 13,070 13,194 124
Jun 2011 832 872 40 
Sep 2011 0 0 0
Dec 2011 50  51

Revisions for Balance of Payments and International Investment Position: September 2014 quarter

These tables present a summary of revisions to the September 2014 quarter. Revisions reflect new or improved information becoming available.

Current and capital accounts

Current and capital accounts September 2014 quarter revisions
Component
Previously published Sep 2014 quarter Revised Sep 2014 quarter Size of
revision
NZ$(million)
Current account balance -5,012 -5,015 -3
Goods balance -2,009 -2,027 -18
Goods exports (fob) 10,990 10,969 -21 
Goods imports (fob) 13,000 12,996 -4
Services balance -499 -474 25
Services exports 3,698 3,698 0
Services imports 4,197 4,172 -25
Primary income balance -2,320 -2,328 -8
Primary income inflow 1,866 1,861 -5
Primary income outflow 4,185 4,189 4
Secondary income balance -184 -186 -2
Secondary income inflow 255  256 1
Secondary income outflow 439 441 2
Capital account balance -1 -3

-2

Capital account inflow 1 1 0
Capital account outflow 3 2

Financial account

Financial account September 2014 quarter revisions
Component Previously published Sep 2014 Revised Sep 2014 quarter Size of
revision
NZ$(million)
Financial account balance   2,143  2,111  -32
NZ investment abroad 72 70 -2 
Direct investment assets -198 -194 4
Portfolio investment assets 2,068 2,015 -53
Financial derivative assets -980 -969   11
Other investment assets -1,322 -1,286 36
Reserve assets 504 504 0
Foreign investment in NZ 2,215 2,181 -34
Direct investment liabilities -305 -579 -274
Portfolio investment liabilities 3,831 4,081 250
Financial derivative liabilities -461 -473 -12
Other investment liabilities -851 -848 3

Net errors and omissions

Net errors and omissions September 2014 revisions
Component Previously published Sep 2014 quarter Revised Sep2014 quarter Size of
revision
NZ$(million)
Net errors and omissions 2,870 2,907 37

International investment position

International investment position (IIP) September 2014 quarter revisions
Component Previously published Sep 2014 quarter Revised Sep 2014 quarter Size of
revision
NZ$(million)
Net IIP -152,277 -152,011 266
NZ's international assets 200,062 200,386 324
Direct investment 34,839 34,734 -105
Portfolio investment 97,984 97,937 -47
Financial derivatives 18,423 18,473 50
Other investment 25,726 26,152 426
Reserve assets 23,091 23,091 0
NZ's international liabilities

352,339

352,397 58
Direct investment 108,895 107,505 -1,390
Portfolio investment 140,753 140,991 238
Financial derivatives 20,680 20,701 21
Other investment 82,011 83,201 1,190
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