The New Zealand economy is likely to enter a recession next year before a slow and gradual recovery in 2024, but the government accounts are on the course to return to surplus by the end of fiscal year 2025, the official estimates revealed on Wednesday.
Despite the worsening economic outlook, tax revenue is projected to be higher than the previous estimate and the budget is expected to move from deficit to surplus over the forecast horizon, the treasury said in its latest twice yearly Economic and Fiscal Update.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.