New Zealand Business Confidence December 2018

New Zealand

New Zealand: Business confidence improves in December

December 18, 2018

The ANZ Bank Business Outlook indicator reported significant improvements in business confidence in December, with a net 24.1% of surveyed firms reporting pessimism over general business conditions in the year ahead (November: 37.1%). The headline reading, however, remained below the net-0% threshold that separates pessimism from optimism among firms. December’s 13.0 percentage-point improvement came on the back of a better perception of the availability of credit, expectations on profitability and employment, and investment and export intentions.

Meanwhile, firms’ positive outlook of their own activity—a metric which has a stronger correlation to GDP growth—rose by 6.0 percentage points reaching a net 13.6%, after reporting a net 7.6% a month prior. Notably, the activity outlook for services and agricultural output drove the monthly result, despite a marginal decrease in manufacture production projections.

FocusEconomics Consensus Forecast panelists expect fixed investment to grow 2.9% in 2019, which is unchanged from last month’s forecast, and 2.7% in 2020.


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New Zealand Business Confidence Chart

NewZealand Business Confidence December 2018 1

Note: Percentage of respondents expecting improvement in general business conditions minus percentage expecting deterioration. An index number above 0 indicates that optimists outnumber pessimists.
Source: ANZ Bank Business Outlook.

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