The current-account deficit widened in June, the financial impact of earthquakes in Christchurch causing temporary volatility.
The seasonally adjusted deficit increased to $2 billion in June from $1.5 billion in March.
The increase was due to a larger income and transfers benefits.
However, ASB chief economist Nick Tuffley said while the deficit was close to market expectations, the quarterly movements in the June figures were overshadowed by revisions to Statistics New Zealand's methodology.
Statistics NZ had improved the methodology in estimating investment income inflows and New Zealand-owned assets offshore.
"The upshot was an improvement in the measurement of New Zealand-owned assets abroad and investment income inflows. This has reduced New Zealand's March quarter net international liability position to 68.7% from 75%, as originally published."
The June-quarter deficit was amplified by reinsurance outflows, specifically reinsurance premiums paid by insurance companies.
Beyond that, he expected the current-account deficit to increase, largely due to a recovery in investment income outflows as foreign-owned New Zealand companies return to a state of profitability.
The annual deficit increased to nearly $7.5 billion, or 3.7% of gross domestic product (GDP).
GDP figures are released this morning.
Mr Tuffley said looking ahead, gradual improvement in the New Zealand economy would see investment income outflows continue to increase as non-insurance foreign-owned New Zealand investments recovered.
The deficit was likely to increase to just below 5%.
