New Zealand Treasury: No longer forecasting the country to move into recession

New Zealand Finance Minister said while presenting the country’s Budget on Thursday, “the Treasury is no longer forecasting the country to move into recession.”

Additional takeaways

NZ SEES 2023/24 GDP 1.0% (HYEFU -0.3%).

NZ UNEMPLOYMENT RATE SEEN AT 5.0% IN 2023/24 (HYEFU 5.5%).

NZ SEES 2022/23 OPERATING BALANCE BEFORE GAINS, LOSSES NZ$-6.96 BLN (HYEFU NZ$-3.63 BLN).

NZ SEES 2022/23 NET DEBT 38.5% OF GDP UNDER OLD CALCULATION METHOD (HYEFU 39.2%).

NZ SEES 2022/23 CASH BALANCE NZ$-22.43 BLN (HYEFU NZ$-25.36 BLN).

NZ TREASURY IS NO LONGER FORECASTING THE COUNTRY TO MOVE INTO RECESSION.

NZ GOVERNMENT FORECAST TO RETURN TO SURPLUS IN 2025-26, ONE YEAR LATER THAN PREVIOUS FORECAST.

OPERATING PACKAGE SLIGHTLY HIGHER DUE TO IMPACT OF WEATHER EVENTS.

RECENT WIDENING OF CURRENT ACCOUNT DEFICIT EXPECTED TO REVERSE.