New Zealand: Business confidence remains steady in October
October 31, 2012
According to the October business confidence indicator published by the National Bank of New Zealand (NBNZ), a net 17.2% of respondents to the survey expected better economic conditions in the next 12 months. The print was virtually unchanged from the 17.0% of respondents recorded in the September survey. As a result, the index continues to hover above the 0-point threshold that indicates optimists outnumber pessimists. According to the October survey, business confidence declined in most sectors. Only services recorded an improvement over the previous month. Moreover, while firms' own activity expectations - a better indicator for economic activity - waned compared to the previous month, businesses' investment prospects for the next 12 months improved.
Author: Ricardo Aceves, Senior Economist