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Gov't books show economy "has turned a corner": New Zealand minister

WELLINGTON
2023-10-05 13:00

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WELLINGTON, Oct. 5 (Xinhua) -- The New Zealand government's financial management is on show in a better than forecast set of books that show the economy "has turned a corner," Finance Minister Grant Robertson said on Thursday.

For the year to the end of June 2023, the Operating Balance before Gains and Losses recorded a deficit of 9.4 billion NZ dollars (5.58 billion U.S. dollars), below the forecast of a 10 billion NZ dollars deficit in the Pre-election Economic and Fiscal Update and also below last year's 9.7 billion NZ dollars deficit.

New Zealand's general election will be held next week.

"We are turning a corner toward better economic times," Robertson said, adding that the final audited annual accounts are 600 million NZ dollars (356 million dollars) better than expected.

Tax revenue is much stronger than forecast and closer to what had been projected by Treasury in May's Budget, he said.

Net debt stood at 18 percent of GDP, slightly below that forecast and well below the government's ceiling of 30 percent of GDP, the minster said.

In 2023, net debt will reach 36 percent in Australia, 95 percent in Britain and 95 percent in the United States, according to the International Monetary Fund. (1 NZ dollar equals 0.59 U.S. dollars)
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