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Economic and fiscal update

Half Year Economic and Fiscal Update 2021

Issue date: 
Wednesday, 15 December 2021
Corporate author: 
View point: 
Document Date: 
Wednesday, 15 Dec 2021
Publication category: 
978-1-99-004533-2 (online)

As the government's lead economic and financial adviser, the Treasury forecasts the economic outlook for New Zealand and the Government's fiscal outlook. This Half Year Economic and Fiscal Update (Half Year Update) is part of a suite of documents we release as required by the Public Finance Act 1989.

This Half Year Update primarily outlines what the Treasury observes in our current economic and fiscal climate, what we might see in the future, and what risks we may face over the forecast period. This gives an indication of what the economy is most likely to do to inform decision-making.

This Half Year Update was published with the Budget Policy Statement 2022 which sets out the Budget priorities and wellbeing objectives that will guide the Government’s Budget decisions for 2022.

Table of contents

  • Statement of Responsibility
  • Executive Summary
  • Economic Outlook
  • Fiscal Outlook
  • Risks to the Fiscal Forecasts
  • Forecast Financial Statements
  • Core Crown Expense Tables
  • Glossary of Terms
  • Time Series of Fiscal and Economic Indicators
Last updated: 
Wednesday, 6 April 2022