Australia: Business confidence inches up in January
February 18, 2015
The business sentiment index published by the National Australia Bank (NAB) ticked up from 2 points in December to 3 points in January. The indicator is now slightly further above the 0-point threshold, which indicates that Australian businesses are somewhat optimistic regarding economic conditions in the coming months.
According to the NAB, January’s increase was mainly driven by improvements in the retail and mining sectors. As the Bank pointed out, “confidence remains very weak in mining, consistent with lower commodity prices, but multi-year lows for the AUD likely contributed to a considerable improvement from last month. Changes in confidence were mixed across other industries. Retail reported a surprising improvement, while confidence in transport and utilities dropped back despite low oil prices.”
Author: Cecilia Simkievich, Economist