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New Zealand Govt. Deficit Exceeds Estimates: Treasury

4/4/2012 12:31 AM ET

The New Zealand government deficit for eight months to February exceeded estimate largely due to the weaker-than expected revenues, the Treasury said Wednesday.

The operating balance before gains and losses deficit was NZ$395 million higher than forecast at NZ$5.5 billion. Core Crown expenditure was NZ$1.4 billion below forecast, offset by core Crown revenue which was NZ$1.2 billion below estimate.

The lower-than-projected revenues were primarily due to weak wage growth and lower corporate tax.

The treasury said Core Crown expenses of NZ$45.2 billion were 3 percent below forecast. The lower than forecast expenditure was either offset by similar reductions in revenue, or a result of delays in expenditure.

by RTT Staff Writer

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