New Zealand posted a budget deficit of NZ$4.6 billion in the year to end June 2021, much lower than a shortfall of NZD15.1 billion forecast in the May budget and a NZ$23.1 billion gap in 2020, according to the Treasury Department. That was mainly due to core tax revenues rising by NZ$ 12.9 from the previous year to NZ$98 billion and coming in NZ$6.4 billion above the estimate, thanks to lower-than-expected unemployment and stronger economic growth. Core Crown expenses, the amount of money the Government spends each year, was marginally lower than the previous year but remains elevated due to the fiscal response to the Covid pandemic. Core Crown expenses were just over NZ$107 billion compared to just under NZ$109 in the year to June 2020, still a big jump from 2019 when core Crown expenses were just under NZ$ 7 billion. As a result, net debt was 30.1% of the GDP, instead of the 34% originally forecast in May. A budget surplus is forecast in 2026/27. source: New Zealand Treasury
Government Budget Value in New Zealand averaged -511.96 NZD Million from 1972 until 2021, reaching an all time high of 7429 NZD Million in 2019 and a record low of -23057 NZD Million in 2020. This page provides - New Zealand Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Government Budget Value - values, historical data and charts - was last updated on June of 2022.
Government Budget Value in New Zealand is expected to reach -25000.00 NZD Million by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Government Budget Value is projected to trend around -4100.00 NZD Million in 2022, according to our econometric models.