New Zealand pre-election update (election coming in October)
(ps this ICYMI: NZD traders - Citi bearish the kiwi into the election (here's why))
Headlines via Reuters.
NZ Treasury:
- sees June quarter GDP at -16%, down from its previous forecast of -23.5%
- sees 2020 GDP -3.1 pct (budget -4.6 pct); 2021 GDP at -0.5%
- sees 2020 net debt 27.6 pct of gdp (budget 30.2 pct); debt 55.3% of gdp in 2024
- 2020 cash balance nz$23.692 bln (budget nz$-32.031 bln)
- sees unemployment rate to peak at 7.8%, down from 9.8% forecast in the budget
Text of Treasury's Pre-Election Economic and Fiscal Update (PREFU)
