New Zealand Business Confidence

New Zealand

Businesses confidence weakens for second consecutive month

According to the business confidence indicator published by ANZ, a net 32.3% of respondents to the April survey expect economic conditions to improve in the next 12 months. Business sentiment has now moderated for two consecutive months and is down 2.3 points from the March result, when a net 34.6% of respondents expected better economic expectations. That said, despite the monthly fall, the index remains well above the 0-point threshold which indicates that optimistic respondents outnumber pessimists.

According to ANZ, businesses in the construction and services sectors continue to show improving optimism. In contrast, the agricultural sector continues to show a gloomier view, as the worst drought in about 70 years in the northern region of the country is expected to take its toll on farmers and ranchers. Moreover, businesses' own activity expectations - a better predictor for economic activity - also 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 April 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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