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.