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NZ Budget Policy Statement 2024
The economic outlook has deteriorated significantly since the Half Year Economic and Fiscal Update (HYEFU) in December. To illustrate this, the Treasury has produced a forecast scenario, drawing on preliminary economic forecasts prepared in advance of the Budget.2 GDP data for the September quarter of 2023, released after the HYEFU was finalised, was much lower than forecasters had predicted. Statistics New Zealand also made substantial downward revisions to growth in earlier quarters. Together, these results indicate that the New Zealand economy was materially weaker in recent years than previously thought (Figure ... (full story)