Annual deficit is 2.8% of GDP.
From debt to diversification, people need to rethink their presumptions about how the New Zealand economy works.
Gross domestic product expanded 0.5% in the three months ended March 31.
Economists had expected a surplus of $922 million in the first quarter and an annual deficit of $7.3 billion or 2.7 percent of GDP.
"We've seen a structural shift in the balance of payments," Joyce said.
In New Zealand, merchandise trade figures for February are likely to be the main focus.
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