WELLINGTON, New Zealand (AP) – New Zealand’s government reported a budget deficit for the first time in nearly 15 years Thursday due largely to unrealized investment losses from turbulence in global financial markets.The government’s operating balance in the seven months to January was a deficit of 394 million New Zealand dollars ($316 million), some NZ$4.2 billion ($3.4 billion) below forecast, the Treasury said in a statement.
This time last year the government had a NZ$5.4 billion ($4.3 billion) surplus on its books.
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Tags: Deficit, New zealand
