Lower exports saw New Zealand‘s current account figure widen to a deficit of $2.7 billion for the three months to September 30. | PLUS: Economist reaction.

Revisions to how economic data is collected means the country’s debt position is not as large as previously thought.

The country's annual current account deficit rose from 2.4% of GDP to 3%, Statistics New Zealand announced this morning.

The result is close to the consensus market forecast of 3% of GDP.

The current account is also likely to see a substantial increase over coming months after the Canterbury earthquake, Statistics New Zealand says, although it is not putting any numbers on the impact.