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The New Zealand government saw an operating surplus for the seven months ending January that was more than double forecasts from the Treasury.

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New Zealand flag
The government had an operating surplus of 1.14 billion NZ dollars (798.11 million U.S. dollars) in the seven months, which compared to a surplus of 442 million NZ dollars (309.44 million U.S. dollars) forecast in December, according to the financial statements from the Treasury on Tuesday.

A higher-than-forecast corporate tax take was the main driver of the variation from the forecast, but government spending was also lower than forecast.

The higher-than-expected company tax revenues reflected the good performance of New Zealand companies in what was still an uncertain world, Finance Minister Steven Joyce said in a statement.

However, several variables made the final result for the full financial year hard to predict, said Joyce.

The biggest variable was the cost of the 7.8-magnitude Kaikoura earthquake, which struck the northeast of the South Island in November last year. Enditem

Source: Xinhua/


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