By Lucy Craymer
WELLINGTON, Sept 29 (Reuters) – New Zealand’s government on Tuesday forecast a smaller budget deficit and lower debt than projected in its May Budget, while striking an upbeat tone on economic growth ahead of a general election in November.
In a pre-election update, New Zealand’s Treasury forecasted an operating balance before gains and losses (OBEGAL) deficit of NZ$8.73 billion ($4.94 billion) in the fiscal year ending June 30, 2027, compared with a NZ$14.09 billion deficit forecast in May.
The government now forecasts a return to an OBEGAL surplus in 2028-29, compared with the May Budget forecast of 2029-2030.
($1 = 1.7662 New Zealand dollars)
(Reporting by Lucy CraymerEditing by Alasdair Pal)
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