Tuesday 4th November 2008
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The Treasury today reported an operating deficit of $757 million. That's $1.7 billion below the government's forecast, which was for a surplus of $943 million surplus forecast by the government in early October.
The deficit reflects "the period of disruption and weakness in global financial markets," Finance Minister Michael Cullen said in a statement today.
Much of the reversal related to losses on the investments by Crown entities, reflecting turmoil in financial markets. The Dow Jones Industrial Average has tumbled 30% this year. New Zealand's NZX 50 Index has slumped 45%.
"New Zealand is today in a better position to weather the current global economic situation than the great majority of developed countries," Cullen said.
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