That likely reflects the relatively sharp increase in global equity markets over this period (including relative to New Zealand), and the fact that equity accounts for a higher share of New Zealand’s foreign assets than foreign liabilities. Were it not for these favourable revaluations, our NFL as a share of GDP would have been about 8 percentage points larger.
Figure 9: Cumulative contributions of financial account flows and revaluations to New Zealand’s NIIP, March 2009 to March 2017  Source: Statistics New Zealand, RBNZ estimates. Note: Additional valuation changes include exchange rate changes, financial derivative valuation changes and other valuation changes.