But it is likely that already the latest figures are out of date.
The Government accounts, as released by Treasury, are for the five months ended November. With the global meltdown in full thaw, chances forecasts for January will be well out of date whey they are released in March.
Unemployment is expected to rise to 6.4% this year.
The Government releases its much talked about financial stimulus package for small to medium-sized businesses next week.
Most of that stimulus is expected to be around tax changes.
Finance Minister Bill English said in an interview there had been a considerable deterioration in the global economy since the latest accounts were made final.
"There is every sign of a tough year ahead in 2009, with rising unemployment and pressure on the tax take from a slowing economy."
New Zealand went into recession early last year, so it already had its problems by the time National was elected to government, he said.
New Zealand was in for three to five years of careful spending to keep debt under control. In times of a recession, the tax take was always under pressure and government spending rose.
The Government would make a series of announcements next month starting on February 4 to help get the economy out of recession.
"You need to remember that it's not about next week or next months. We are looking at a two to three-year focus on longer-term growth opportunities as much as the need to boost short-term confidence," he said.
The Treasury figures show that the Government's operating balance plunged to a $5.7 billion deficit from an earlier forecast of a $1.4 billion surplus - a turnaround of more than $7 billion.
The full-year June forecast surplus of $1.9 billion looks completely out of reach for the Government.
Some disturbing trends were illustrated in the accounts, including crown revenue coming in nearly $1 billion, or 3.9%, under forecast at $24.3 billion.
At the same time, core crown expenses rose slightly.
The New Zealand Superannuation Fund's operating balance took a massive hit - $3.2 billion below forecast at (minus) -$2.8 billion, compared with the forecast surplus of about $400 million.
Treasury said the fund's return for the November month was -5.04%.
"This reflects the weak performance of global equity markets as a result of the continuing downturn of the financial markets during the first five months of the fiscal year," Treasury deputy secretary, Peter Bushnell, said.
The downturn was mainly driven by equity, commodities, fixed income and property markets, partially offset by a positive return on private market and New Zealand's fixed interest holdings, he said.
The super fund was not the only bad news for the Government, with ACC investments reporting a $560 million higher-than-expected loss in the period, and the Earthquake Commission's investments coming in $280 million lower than forecast.
A feature of the operating deficit was the investment losses flowing through when world markets were falling sharply, Mr English said.
"But we must remember that these investment funds are in place for the long term and we will ride through this short-term volatility."
The Government Superannuation Fund recorded a nearly $1 billion loss arising from a valuation of its assets and liabilities on October 31.
ACC also recorded a $1.4 billion loss in the valuation of its outstanding claims liability.
Analysis of the accounts showed that social security and welfare spending increased by 6.1% above forecast to $7.8 billion, mainly due to a greater-than-expected deteriorating in economic conditions.
Dr Bushnell said the greater-than-expected deteriorating in the outlook for the labour market was mirrored by business sentiment, which suggested that a shortfall of source deductions of PAYE would continue through the financial year, which ends in June.
According to the September quarterly survey of business opinion, a net 7% of firms expected to reduce staff numbers during the December quarter.
However, the December survey revealed that a net 21% of firms actually reduced staff.
