New Zealand: Business confidence jumps in March
March 29, 2012
According to the March business confidence indicator published by the National Bank of New Zealand (NBNZ), a net 33.8% of respondents to the survey expect better economic conditions for the next 12 months. The print was up 5.8 points over the February reading. As a result of the March jump, the index moved further above the 0-point threshold, which indicates that optimistic respondents outnumber pessimists. The survey showed that three out of the five major sub-categories recorded improvements, particularly construction. In addition, businesses' own activity expectations rose by 7.6 points in March. The reading suggests that more firms are expecting an improvement in their own activity in the year ahead. Moreover, the March survey revealed that firms' investment expectations recovered over the previous month, with a net 15.0% of respondents expecting better conditions for investing in buildings, plants and machinery over the next 12 months.
Author: Ricardo Aceves, Senior Economist