Bloomberg News

New Zealand 2010-11 Budget Deficit Widens to NZ$18.4 Billion

October 10, 2011

Oct. 11 (Bloomberg) -- New Zealand’s budget deficit was wider in the fiscal year ended June 30 than earlier forecast after higher-than-expected costs and liabilities from the devastating Christchurch earthquake.

The deficit widened to a record NZ$18.4 billion ($14 billion) in the year through June, from a NZ$16.7 billion estimate in the May budget, according to government financial statements released today in Wellington. The deficit is before gains and losses on investments held by state-owned financial institutions, and grew from NZ$6.32 billion a year earlier.

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