New Zealand Business Confidence March 2016

New Zealand

New Zealand: Business confidence falls to lowest level in six months

March 31, 2016

Business confidence continued to wane in March, falling to the lowest level since September 2015, according to the ANZ Bank Business Outlook indicator, which showed that only a net 3.2% of surveyed firms expect better economic conditions in the next 12 months. March’s result came in below the net 7.1% registered in February. As a result, business confidence is now resting just above the 0%-threshold that separates optimists from pessimists.

ANZ indicated that a higher number of firms in the manufacturing and retailing sectors turned more pessimistic regarding the overall economic scenario. ANZ highlighted that sentiment turned notably negative among firms in the agricultural sector. That said, the survey showed that businesses were optimistic regarding prospects of their own activity and regarding their future profits. ANZ concluded that March’s survey showed that firms are becoming more “watchful.”

FocusEconomics Consensus Forecasts panelists expect fixed investment to grow 3.5% in 2016, which is down 0.4 percentage points from last month’s estimate. For 2017, the panel sees fixed investment accelerating to 4.3%.

Author:, Senior Economist

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New Zealand Business Confidence Chart

New Zealand Business Confidence March 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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