New Zealand Business Confidence

New Zealand

Businesses confidence wanes in March

According to the business confidence indicator published by ANZ, a net 34.6% of respondents to the March survey expected better economic expectations in the next 12 months. The result was down 4.8 points from the February reading, when a net 39.4% of respondents expected better economic times. Despite the monthly fall, the index remains well above the 0-point threshold which indicates that optimistic respondents outnumber pessimists.

According to ANZ, the services sector - which accounts for nearly two-thirds of the economy - continues to show improving optimism. On the other hand, businesses in the agricultural sector are turning gloomy, with confidence slipping into pessimistic territory. Moreover, firms' own activity expectations - a better predictor for economic activity - fell over the previous month.

FocusEconomics Consensus Forecasts panellists expect fixed investment to grow 8.0% in 2013, which is down 0.4 percentage points from last month's estimate. For 2014, the panel sees fixed investment decelerating to 6.8%.

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New Zealand Business Confidence Chart

New Zealand Business Confidence March 2013

Note: Percentage of respondents expecting improvement in general business conditions minus percentage expecting deterioration. An index number above 0 indicates that optimists outnumber pessimists, while a number under 0 indicates more pessimists than optimists. The survey is not conducted in January.
Source: National Bank of New Zealand.

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