NZ Treasury Says Economic Weakness a Risk to Tax Revenue Outlook

GDP revisions point to an economy that has been in the midst of a slowdown for much of the past year, the Treasury Dept. says in Fortnightly Economic Update published Tuesday in Wellington.

• “The combination of data revisions, challenges with post-Covid seasonality, and a subdued economy aligns with the weakening in tax revenue that we have seen recently. The weakness in the economy also highlights an ongoing risk to the tax revenue outlook”
• Strong immigration “masks the underlying weakness in the real economy”
• Per-capita GDP growth fell for a fourth quarter, longest consecutive decline since GFC
• The combination of falling ...