New Zealand Business Confidence November 2016

New Zealand

New Zealand: Business confidence dips in November

December 5, 2016

Economic sentiment among New Zealand businesses declined in November. The ANZ Bank Business Outlook indicator showed that a net 20.5% of surveyed firms expected better economic conditions in the next 12 months, which was below October’s print of 24.5%. Despite the decline, the indicator remains above the 0% threshold that separates optimists from pessimists and the reading was the third highest this year.

ANZ sees November’s business confidence reading as positive. All five major sectors of the economy were upbeat on activity expectations with the construction and agriculture sectors logging multi-year highs. November also reported strong intentions by firms to invest, hire and profit expectations. Although ANZ mentioned that most of the survey was conducted prior to the 14 November earthquake, it remains to be seen next month whether it will have a significant impact on business indicators.

FocusEconomics Consensus Forecasts panelists expect fixed investment to grow 4.0% in 2017, which is down 0.6 percentage points from last month’s estimate. For 2018, the panel sees fixed investment accelerating to 3.1%.


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New Zealand Business Confidence Chart

New Zealand Business Confidence November 2016

Note: Percentage of respondents expecting improvement in general business conditions minus percentage expecting deterioration. An index number above 0 indicates that optimists outnumber pessimists. The survey is not conducted in January.
Source: ANZ Bank Business Outlook.

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